Summary of this article
Capillary Technologies IPO GMP remained nil on the first day of bidding
Capillary Technologies IPO is scheduled to close on November 14
Capillary Technologies IPO allotment status will be finalised on November 19
Capillary Technologies IPO GMP: The public issue of Capillary Technologies opened for bidding on November 14, 2025. The software company’s initial public offering (IPO) is garnering decent demand on the first day of subscription. The subscription window for Capillary Technologies IPO is scheduled to close on November 18. Here’s a look at some of the key details related to the public issue before you decide to apply for the IPO.
Capillary Technologies IPO Subscription
On the first day of subscription, Capillary Technologies’ IPO has been subscribed 10 per cent across categories. So far, investors have placed bids for 807,350 shares compared to the 8.38 million shares offered for subscription to investors.
Non-institutional investors (NIIs) have applied for 597,050 shares compared to the 2.27 million shares set aside for the category. They have booked 26 per cent of their quota in the IPO. On the other hand, retail individual investors (RIIs) have booked their quota in the software company’s issue 13 per cent by placing bids for 195,750 shares compared to the 1.51 million shares offered for subscription. So far, qualified institutional buyers (QIBs) have placed no bids for the public issue. However, the software company has reserved 4.55 million shares for the QIB category. Employees of the company have applied for 14,550 shares compared to the 38,095 shares set aside for the category, booking the issue 38 per cent.
Capillary Technologies IPO GMP
The grey market premium (GMP) of Capillary Technologies’ IPO is currently nil per share on November 14, according to multiple websites which track the demand for shares of unlisted companies. Based on the GMP, the stock is expected to list flat at Rs 577 per share.
Capillary Technologies IPO: Offer Size and Price Band
Capillary Technologies’ IPO offer size aggregates to Rs 877.50 crore. The software company’s issue consists of a fresh issue of six million shares, aggregating to Rs 345 crore and an offer for sale (OFS) of 9.20 million shares, aggregating to Rs 532.5 crore.
The price band has been fixed at Rs 549-577 per share. The minimum lot size for retail investors has been set at one lot consisting of 25 shares aggregating to a minimum investment of Rs 14,425.
Capillary Technologies IPO: Allotment Date and Listing Date
The basis of allotment for Capillary Technologies IPO is expected to be determined on November 19. Once the share allotment status is decided, successful bidders will receive the shares in their demat accounts on November 20. Capillary Technologies shares are slated to list on the BSE and NSE on November 21.
Capillary Technologies: Key Financials
Capillary Technologies’ total income for the September quarter of FY26 stood at Rs 362.56 crore, the company’s profit-after-tax (PAT) stood at Rs 1.03 crore, and the company’s net worth stood at Rs 509.38 crore.
Capillary Technologies’ total income increased by over 14 per cent to Rs 611.87 crore in the financial year ending March 31, 2025 compared to Rs 535.44 crore in the preceding fiscal. The company’s PAT for FY 2024-25 stood at Rs 14.15 crore compared to a net loss of Rs 68.35 in FY 2023-24.
Capillary Technologies: Business Model
Capillary Technologies is a software product company, which offers artificial intelligence-based Software-as-a-Service (SaaS) products and solutions to customers globally. The company’s product suite includes its advanced loyalty management platform. According to the Zinnov Report, the company is among one of the few players in the loyalty management space to offer end-to-end loyalty solutions. The company's solutions help clients in generating engagement, drive conversions and boost repeat sales.
Capillary Technologies: Competitors
Capillary Technologies does not have any competitors in India. However, the company competes with other global SaaS firms, which offer pure-play customer relationship management and customer engagement solutions, deriving a significant part of its revenue from subscription-based services, such as Salesforce, Inc, Adobe Inc, HubSpot Inc and Braze Inc.
Capillary Technologies IPO: Should You Apply?
Here are some risks and strengths you should consider before applying for the IPO:
Capillary Technologies IPO: Risks
Capillary Technologies’s business faces these risks, according to the company’s red herring prospectus (RHP):
The software company generates significant revenue from its top five and top 10 customers. The company’s top five biggest customers in terms of order size contributed to 38.60 per cent of the company’s revenue from operations in the six-month period ending September 30, 2025. Reduction of business from these customers is expected to negatively impact the results of operations of the company.
Capillary Technologies derives a major part of its revenue from customers located in North America. During the sixth month period ending September 30, 2025, customers located in North America made up 56.01 per cent of the company’s revenue from operations.
The company’s revenues are dependent on a limited number of industry verticals, as customers in retail, healthcare, BFSI and telecommunications verticals contributed to 63.83 per cent, 63.39 per cent, 64.08 per cent, 56.60 per cent and 50.19 per cent, respectively in the six-month period ending September 30, 2025. Thus, any decline in demand for services in these verticals could reduce the company’s revenues.
Capillary Technologies IPO: Strengths
Here’s a look at some of the key strengths of Capillary Technologies, according to the company’s RHP.
Capillary Technologies claims that it is a trusted partner in loyalty solutions and provides a comprehensive set of AI-led SaaS products for customer relationship management (CRM) and the loyalty management industry.
The company claims it has a scalable cloud-based infrastructure with a seamless integration. The company’s technology infrastructure is built on a scalable, cloud-based architecture that allows its customers to process large volumes of data on a real-time basis.
The company added that it leverages AI-driven innovation to enhance customer engagement and loyalty. The company states its solutions are powered by Artificial Intelligence Retail Analytics (“aiRA”), an advanced AI-powered assistant designed to enhance customer engagement.
Capillary Technologies IPO: Objective
Capillary Technologies seeks to use the money raised through the public issue for funding its cloud infrastructure, research, design and development of its products and platform and for purchasing computer systems for the business. The company will also use the proceeds to fund inorganic growth, unidentified acquisitions and general corporate purposes.
