Capillary Technologies IPO

About Capillary Technologies IPO

Capillary Technologies IPO opens on November 14, 2025 and closes on November 18, 2025. The allotment of shares will take place on November 19, 2025. The credit of shares to the Demat account will take place on November 20, 2025. The initiation of refunds will also take place on November 20, 2025. The listing of shares will take place on November 21, 2025.

Capillary Technologies IPO comprises a fresh issue of up to ₹345 crores and an offer for sale aggregating up to 9,228,796 equity shares. It’s a 100% book-built offer. The total offer size is pegged at ₹877.50 crores and the lot size of shares in this IPO is 25. The price band of shares is between ₹549 to ₹577 per share.

Capillary Technologies India is a software product company offering artificial intelligence (AI)-based cloud-native Software-as-a- Service (SaaS) products and solutions primarily to enterprise customers. According to the Zinnov Report, it’s among one of the few players in the loyalty management space that offer end-to-end loyalty solutions. The company’s solutions assist customers in generating engagement, drive conversions and boost repeat sales.

Objectives of Capillary Technologies IPO

The company proposes to utilise the IPO proceeds for:

• Funding cloud infrastructure cost
  
• Investment in research, designing and development of products and platform
  
• Investment in purchase of computer systems for business
  
• Funding inorganic growth through unidentified acquisitions and general corporate purposes
  

Industry Outlook

From being seen primarily as a cost-efficient alternative to on-premise software, SaaS has evolved into a powerful enabler of business transformation. What began as a shift to subscription-based models has now matured into a diverse ecosystem of platforms driving automation, personalisation, and agility across every industry.

From 2024 to 2029, the SaaS market is projected to grow nearly 2.5X, highlighting the sector’s sustained momentum. With a CAGR of 20% from 2019 to 2023, the market expansion underscores the increasing reliance on SaaS for operational agility, scalability, and digital transformation.

Also, the total addressable market size for loyalty management is estimated to be USD 16.6 Billion in Fiscal 2024 and is expected to reach USD 26.8 billion by fiscal 2029, projecting a growth rate of 10%, with all the regions across the globe registering a growth rate of more than 5% from years 2024-2029, with Asia-Pacific region projecting a significant growth rate of 18.7% from years 2024-2029. North America holds the largest market share, followed by Europe and Asia-Pacific.

Capillary Technologies India Company Information

Capillary Technologies India is a software product company offering artificial intelligence (AI)-based cloud-native Software-as-a- Service (SaaS) products and solutions primarily to enterprise customers. According to the Zinnov Report, it’s among one of the few players in the loyalty management space that offer end-to-end loyalty solutions. The company’s solutions assist customers in generating engagement, drive conversions and boost repeat sales.

Strengths of Capillary Technologies IPO

• Trusted partner in loyalty solutions
• Comprehensive solutions for diverse segments
• Scalable cloud-based infrastructure with seamless integration
• Diverse long-term customer relationships with high net revenue retention
• Strong sales engine and partnership network resulting in addition of new brands
• Artificial intelligence-driven innovation
• Proven playbook to integrate and turnaround acquired businesses
• Strong financial performance with consistent growth and operating leverage
• Experienced leadership team backed by marquee investor base

Risks of Capillary Technologies IPO

• Loss or reduction of business or termination of contracts from top customers could reduce revenues and materially adversely affect business
• Adverse developments in North America could adversely affect business
• Inability to attract new customers in a cost-effective manner which may adversely affect business
• Failure to develop or innovate products/solutions to satisfy customers or perform as desired could adversely impact business
• The company may experience losses in the future which could result in an adverse effect on business
• History of negative cash flows in the past which the company may experience in the future
• Interruption or delay in service from third-party service providers may adversely impact business
• Cyber security breach can harm the company’s reputation and reduce demand for its products
• Decrease in demand for services from the retail, healthcare, BFSI and communication verticals may have an adverse impact on business
• If third-party service providers and key vendors are not able to or do not fulfil their service obligations, the company’s operations could be disrupted

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on 13-Nov-2025.

IPO Registrar and Book Running Lead Managers

• IPO Registrar: MUFG Intime India
• Book Running Lead Manager: JM Financial, IIFL Capital and Nomura Financial Advisory

Business Model

Capillary Technologies offers solutions for customer engagement, loyalty management, and data analytics. These products help businesses improve customer interactions, personalise experiences, and enhance retention across multiple channels. Its product offerings include:

• Capillary Loyalty+
  
• Capillary Engage+
  
• Capillary Insights+
  
• Capillary Rewards+
  
• Capillary CDP+
  

Also, Capillary, through Brierley, helps businesses design and optimise customer-centric loyalty programs with program assessment, strategic planning, and implementation support, including rapid evaluations and actionable insights to align with business objectives.

Capillary Technologies India Growth Trajectory

Capillary Technologies India has demonstrated consistent growth and operational efficiency, driven by strategic initiatives and a strong market presence. Its revenue from operations has grown from ₹156.431 crores in FY 23 to ₹481.105 crores in FY 25. Its adjusted EBITDA margin has become positive, from (2.43%) in FY 23 to 12.45% in FY 25. The number of fortune 500 clients climbed from 9 in FY 23 to 16 in FY 25.

Capillary Technologies India Market Position

Headquartered in India with a significant global footprint with offices in locations across the United States, United Kingdom, United Arab Emirates and other Asian countries, Capillary Technologies India supports over 410 brands in 47 countries, as of September 30, 2025, with the aim that businesses build consumer value using innovative solutions.

How to Apply for the Capillary Technologies India IPO?

• Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
  

How to Check Allotment Status of Capillary Technologies India?

1. Visit the Registrar’s Website

• Visit the website of MUFG Intime India
  
• Choose ‘Public Issues’ from Investor Services dropdown
  
• Choose the name of the company from ‘Select Company’ dropdown
  
• Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
  
• Click on Submit to check the status
  

2. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) website has an IPO bid verification module. You can use it to check the allotment status of Capillary Technologies India IPO. Go to the NSE website and find the ‘Invest’ tab. Click on ‘Verify IPO Bids’ under ‘Resources & Tools’.

On the NSE IPO bid verification page, enter:

• Company name from dropdown
  
• Application number
  
• PAN
  

Then click ‘Submit’ to know the allotment status.

3. Check on BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the ‘Investors’ tab. Under ‘Investors’, click on ‘IPO’. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select ‘Equity’ from the dropdown menu
  
• Choose ‘Capillary Technologies India’ in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click ‘Search’ to know allotment status