Capillary Technologies IPO Day 3: The initial public offering (IPO) of software firm Capillary Technologies India opened for public subscription on Friday, November 14, and will conclude today, November 18. The mainboard issue comprises a fresh issuance of 60 lakh shares amounting to ₹345 crore, along with an offer for sale (OFS) of 92.3 lakh shares valued at ₹532.50 crore.
The price band for the Capillary Technologies IPO has been set between ₹549 and ₹577 per equity share.
According to the DRHP that was refiled in June 2025, the company had previously proposed a ₹430-crore fresh issue and an OFS of 1.83 crore shares. SEBI granted its approval for the revised draft offer document in September 2025.
JM Financial, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) Private Limited are acting as the book-running lead managers for the IPO, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar.
The basis of allotment for the Capillary Technologies IPO is expected to be finalised on Wednesday, November 19. Successful applicants are likely to receive the shares on Thursday, November 20, while refunds for those who do not receive an allotment will also be processed on the same day.
Capillary Technologies is scheduled to list its shares on both the BSE and the NSE on Friday, November 21.
The company plans to deploy the net proceeds from the fresh issue toward: (i) covering cloud infrastructure expenses, (ii) investment in research, design and development of its products and platform, (iii) the purchase of computer systems essential for its operations, and (iv) supporting inorganic expansion through unspecified acquisitions, along with general corporate purposes.
Separately, the company announced on November 13 that it had secured ₹394 crore from anchor investors ahead of the IPO launch.
Of the total net offer, 75 per cent is allocated to qualified institutional buyers (QIBs), while 10 per cent is earmarked for retail investors. The remaining 15 per cent has been reserved for non-institutional investors (NIIs).
The IPO lot size is set at 25 shares. For retail investors, the minimum investment is one lot. At the upper end of the price band, ₹577, the minimum investment required amounts to ₹14,425. Retail investors can apply for a maximum of 13 lots, requiring an investment of ₹1,87,525.
As outlined in the RHP, Capillary Technologies operates as a software product company that delivers artificial intelligence (AI)-driven, cloud-native software-as-a-service (SaaS) solutions, catering primarily to enterprise clients across global markets.
Capillary Technologies IPO GMP Today
Investor sentiment toward the IPO seems muted, as Capillary Technologies’ grey market premium (GMP) stood at zero on November 14. This suggested that the stock was likely to debut at a price close to its issue price of ₹577.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Capillary Technologies IPO subscription status
Capillary Technologies IPO was subscribed just 52 percent by the end of Day 2. The retail portion was subscribed 1.09x, and NII portion was booked 56%, Qualified Institutional Buyers (QIBs) portion received 31 percent bids. The employee portion has been subscribed 1.96x.
The company has received bids for 43.96 lakh shares against 83.79 shares on offer.
Capillary Technologies IPO subscription status was 29% on day 1.
Should you apply?
SBI Securities | Avoid
Analysts at SBI Securities highlighted that Capillary Technologies has established itself as a leading player in loyalty and customer engagement solutions, backed by a strong footprint in the United States. They noted that the company’s revenue profile is anchored by long-term subscription-based contracts, which provide steady and predictable cash flows.
“Besides driving organic growth, Capillary also focuses on acquisitions to integrate complementary technologies & access new customer segments. CTIL has delivered a consistent & strong topline CAGR of 53 per cent over FY23-25 & a 25 per cent Y-o-Y growth in H1-FY26. It derives 89 per cent of its revenues from subscription, which is recurring in nature,” the brokerage said in a note.
SBI Securities added that at the upper price band of ₹577, the implied FY25 P/E multiple works out to 323.3x on post-issue capital, a valuation it finds difficult to justify. As a result, the brokerage has given the IPO an ‘Avoid’ recommendation.
IDBI Capital | Subscribe
IDBI Capital, on the other hand, has taken a more optimistic stance and assigned a “Subscribe” rating for investors with a long-term view. The brokerage said Capillary Technologies is well placed to capture the rising global appetite for AI-led marketing tools, enterprise loyalty platforms, and predictive engagement solutions.
According to IDBI Capital, Capillary’s AI-driven offerings, expanding customer base and cloud-native SaaS architecture position the company favourably for sustained growth. The broader shift toward digital transformation across global enterprises, combined with increasing demand for analytics-led loyalty programmes, strengthens the company’s long-range outlook.
For long-term investors, IDBI Capital believes the IPO provides an opportunity to participate in the growth trajectory of a global SaaS company operating in a category that continues to receive steady enterprise spending. The brokerage said its recommendation reflects confidence in Capillary Technologies’ ability to scale and benefit from structural industry tailwinds.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
