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Capillary Technologies IPO
Price Band
₹549.0–577.0
Issue Size
₹877.5 Cr
Lot Size
25 shares
Min Investment
₹14,425
GMP
+₹55.0 (9.53%)
Issue Price
₹577.0
Subject to Sauda
₹1000
Paid only if allotted
Capillary Technologies IPO AI Summary
- Capillary Technologies IPO is listed on BSE, NSE in the Software Products sector.
- Price band: ₹549.0–₹577.0 per share, lot size 25 shares (min. investment ₹14,425).
- Subscription window: 14 Nov–18 Nov 2025, listing on 21 Nov 2025.
- Current GMP is +₹55.0 (9.53%), an estimated listing price of ₹632 — unofficial and can change daily.
Capillary Technologies is an established SaaS company focused on customer loyalty and engagement solutions. With a strong market presence and a range of products, it aims to utilize IPO proceeds for growth and development. Investors should consider the company's financial performance and market conditions when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Capillary Technologies IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 18 Nov 2025 — not a current signal.
2 of 2 reviewers say Neutral
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Capillary Technologies IPO Grey Market Premium (GMP) Today
GMP
+₹55.0
GMP %
+9.53%
Est. Listing
₹632.0
Updated: 25 Jul 2026 14:15
About the Company
Capillary Technologies India Ltd is a leading Indian software-as-a-service (SaaS) company that specializes in customer loyalty and engagement solutions. Founded in 2008 and headquartered in Bengaluru, Capillary offers a comprehensive suite of products that help brands understand and engage their customers more effectively through data-driven insights. Key Offerings: Loyalty Management Solutions: Capillary provides scalable, customizable loyalty programs for enterprises across industries like retail, FMCG, and hospitality. Customer Engagement & Marketing Automation: The platform enables personalized marketing through SMS, email, push notifications, and more. AI & Analytics: Their tools leverage AI and machine learning to deliver real-time customer insights and predictive analytics. Omnichannel CRM: Helps brands maintain consistent engagement with customers across online and offline channels. Clients & Global Reach: Capillary serves over 250 brands across more than 30 countries, including major names like Tata, Domino’s, Jockey, PUMA, and Shell. The company primarily operates on a subscription-based SaaS model, generating revenue from software licenses, professional services, and support. Competitive Strengths: Market Leader in Loyalty Solutions Comprehensive Solutions (Loyalty+, Insights+, Engage+, Rewards+) for Diverse Segments Multiple loyalty program and coalitions for retailers and conglomerates Customer and fleet loyalty for energy retail Scalable Cloud-Based Infrastructure with Seamless Integration Diverse Long-Term Customer Relationships with High Net Revenue Retention
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 892.33 | 838.65 | 871.07 | 466.41 |
| Total Income | 362.56 | 611.87 | 535.44 | 266.25 |
| Profit After Tax | 1.03 | 14.15 | -68.35 | -88.56 |
| EBITDA | 39.82 | 78.57 | -1.49 | -58.34 |
| NET Worth | 509.38 | 481.42 | 452.13 | 99.75 |
| Reserves and Surplus | 149.34 | 170.26 | 30.89 | 31.99 |
| Total Borrowing | 88.94 | 100.09 | 77.17 | 147.47 |
Key Ratios
EPS
₹1.93
NAV
₹65.03
ROCE
2.76%
RoNW
2.85%
P/B Value
8.87
P/E Ratio
298.93
Market Cap
₹4576.09 Cr
PAT Margin
2.37%
Debt/Equity
0.18
Peer Comparison
| Company | NAV | RoNW | EPS Basic | EPS Diluted | P/E (x) |
|---|---|---|---|---|---|
| Braze, Inc. | 402.61 | -22.58% | -85.65 | -85.65 | — |
| HubSpot, Inc. | 3153.16 | 0.29% | 7.53 | 7.53 | — |
| Adobe Inc. | 2650.28 | 36.74% | 1038.29 | 1032.44 | 28.6 |
| Salesforce, Inc. | 5441.6 | 10.26% | 540.79 | 534.07 | 40.07 |
| Our Company (Fiscal 2025) This IPO | 65.03 | 2.85% | 1.93 | 1.91 | — |
Promoters
Capillary Technologies International Pte.Ltd. and Aneesh Reddy Boddu
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding cloud infrastructure cost 143.00 2 Investment in research, designing and development of products and platform 71.58 3 Investment in purchase of computer systems for business 10.34 4 Funding inorganic growth through unidentified acquisitions and general corporate purposes 97.99 5 Issue Expenses 56.19 Total 379.10
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total Income was ₹266.25 Cr in the year ending 31 Mar 2023, rising to ₹535.44 Cr by 31 Mar 2024. It further increased to ₹611.87 Cr in the year ending 31 Mar 2025, though this is a 6-month figure, not a full year, so isn't directly comparable. By 30 Sep 2025, Total Income was ₹362.56 Cr.
Profit Trend
Profit After Tax was -₹88.56 Cr in the year ending 31 Mar 2023, improving to -₹68.35 Cr by 31 Mar 2024. The company turned profitable with a PAT of ₹14.15 Cr in the year ending 31 Mar 2025, but reported a lower PAT of ₹1.03 Cr by 30 Sep 2025, which is a 6-month figure and not directly comparable.
Valuation
At the issue price of ₹577.0, Capillary Technologies has an implied P/E ratio of 298.93, compared to peers trading at a P/E range of 28.6 to 40.07.
Key Risks
Investors should consider the company's fluctuating profitability and reliance on a subscription-based model, which may be affected by market conditions and competition. Additionally, the company's ability to successfully implement its growth strategies will be critical.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the premium at which shares are expected to trade in the grey market prior to listing. A positive GMP suggests that investors are optimistic about the stock's performance on listing day.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's essential to consider the company's growth potential and market conditions.
Who May Want to Wait
Investors who are risk-averse or uncomfortable with the potential for short-term losses may want to avoid this IPO. Additionally, those seeking stable and consistent profitability might find this investment less appealing.
IPO Timeline, Explained
The IPO opens for subscription on 14 Nov 2025 and closes on 18 Nov 2025. Allotment of shares will be done on 19 Nov 2025, with the listing date set for 21 Nov 2025.
Listing Gains — The Risk
While listing day gains can be attractive, they come with risks. The stock price may fluctuate significantly after listing, and past performance is not indicative of future results. Investors should be prepared for potential volatility.
This evaluation is generated from Capillary Technologies's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Capillary Technologies IPO GMP today?
Capillary Technologies IPO GMP today is +₹55.0 (9.53%), indicating an estimated listing price of ₹632. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Capillary Technologies IPO?
The price band of Capillary Technologies IPO is ₹549.0–₹577.0 per share.
When does Capillary Technologies IPO open and close?
Capillary Technologies IPO opens on 14 November 2025 and closes on 18 November 2025.
When does Capillary Technologies IPO list on the stock exchange?
Capillary Technologies IPO listed on 21 November 2025 at ₹632.0.
What is the lot size for Capillary Technologies IPO?
The lot size for Capillary Technologies IPO is 25 shares, requiring a minimum investment of ₹14,425.
What is the price band for the IPO?
The price band for the IPO is ₹549.0 to ₹577.0.
What is the minimum investment required?
The minimum investment required is ₹14,425.0.
What is GMP?
GMP stands for Grey Market Premium, which indicates the expected premium at which the shares will trade in the grey market before listing.
When is the listing date?
The listing date is set for 21 Nov 2025.
What is the lot size for the IPO?
The lot size for the IPO is 25 shares.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
14 Nov 2025
Close
18 Nov 2025
Allotment
19 Nov 2025
Listing
21 Nov 2025
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