The Capillary Technologies IPO carries a face value of ₹2 per share and aims to raise funds through a book-built issue. This Capillary Technologies mainboard IPO includes a Fresh Issue aggregating up to ₹3,450.00 million (₹345 crores) and an Offer for Sale (OFS) of up to 9,228,796 equity shares by existing shareholders. Capillary Technologies’ IPO is scheduled to open for public bidding on November 14, 2025, and conclude on November 18, 2025. November 13, 2025, has been marked as the date allocated for anchor investor bids. The company’s listing is scheduled for both BSE and NSE.
The Capillary Technologies IPO price band and minimum bid lot had not yet been finalised. These specifics of the IPO will be published a minimum of two business days prior to the offer launch. This information is set to be made public a minimum of two business days before the issue launch date.
As per the Capillary Technologies IPO details, the IPO structure which comprises of at least 75% is earmarked for institutional buyers, while NIIs and retail investors receive up to 15% and 10%, respectively.
Capillary Technologies IPO Details
The Capillary Technologies IPO aims to raise funds through both a Fresh Issue and an Offer for Sale. Below are the end-to-end details of this IPO such as Technologies IPO share price and more.
| IPO opening date | November 14, 2025 |
| IPO closing date | November 18, 2025 |
| Face value | ₹2 per equity share |
| Price band | ₹549 to ₹577 |
| Issue price | – |
| IPO lot size | 25 shares |
| Sale type | Fresh issue and offer for sale |
| Fresh issue | Aggregating up to ₹3,450.00 million |
| Offer for sale | Up to 9,228,796 equity shares (8,540,738 shares by Capillary Technologies International Pte. Ltd. and 688,058 shares by Trudy Holdings) |
| Issue type | 100% Book Built Offer |
| Listing at | BSE and NSE |
| Total issue size | Fresh issue totalling up to ₹3,450.00 million and offer for sale of up to 9,228,796 equity shares |
| Employee discount | Up to 10% |
| Minimum investment | ₹14,425 (25 shares) |
| Retail discount | NA |
Capillary Technologies IPO Timeline
The rundown of the important dates in the Capillary Technologies IPO details in India is as follows.
| IPO open date | 14 November 2025 |
| IPO close date | 18 November 2025 |
| Provisional allotment | 19 November 2025 |
| Refund processing | 20 November 2025 |
| Transfer of shares into demat | 20 November 2025 |
| IPO listing | 21 November 2025 |
| Discontinuation date for UPI request validation | 18 November, 2025 (5 PM) |
Capillary Technologies Grey Market Premium (GMP Today)
As of November 17, 2025, the latest Grey Market Premium (GMP) for the Capillary Technologies IPO is ₹29.Based on the ₹577 price band and the current GMP, the Capillary Technologies IPO is projected to open near ₹606, reflecting an estimated 5.03% gain or loss on each share.
| Date | GMP (₹) | Estimated listing price (at) | Estimated listing gain | Trend |
| 17-Nov-2025 | 29 | 577 | 5.03% | 🔼Upward |
| 16-Nov-2025 | 23 | 577 | 3.99% | 🔽 Dip |
| 15-Nov-2025 | 45 | 577 | 7.80% | 🔼Peak |
Note: While the grey market premium (GMP) is provided, it is subject to extreme fluctuations. Investors should not base their decisions on this data alone and must analyse the company’s fundamentals.
Capillary Technologies IPO Reservation
The Capillary Technologies IPO reservation structure is divided among institutional, non-institutional, retail, and employee categories as shown below.
| Investor category | Shares offered |
| Qualified institutional buyers (QIB) | No less than 75% of the overall issue value |
| NII (HNI) shares offered | A max cap of 15% of the net issue |
| Retail shares offered (RII) | A max cap of 10% of the net issue |
| Eligible Employees | Reservation up to ₹20.00 million |
| Market marker shares offered | Not applicable |
Capillary Technologies IPO Core Performance Indicators
Below is a summary of Capillary Technologies Limited’s vital performance and valuation ratios, including its price to book value.
| Indicator | FY23 | FY24 | FY25 |
| EPS (Basic) (₹) | 17.63 | 12.15 | 1.93 |
| RoNW (%) | 135.93 | 21.52 | 2.85 |
| NAV per share (₹) | 19.77 | 79.20 | 65.03 |
| Debt to equity ratio | 0.79 | 0.14 | 0.18 |
| PAT Margin (%) | 34.68 | 13.02 | 2.37 |
| EBITDA (in ₹ lakhs) | 5,833.9 | 149.1 | 7,857.3 |
| RoCE (%) | 28.45 | 9.34 | 2.76 |
Capillary Technologies IPO Financials
Displayed below is a concise view of the company’s financial performance for the three most recent financial years.
| Particulars (₹ in lakhs) | FY23 | FY24 | FY25 |
| Revenue from Operations | 2,553.72 | 5,251.00 | 5,982.59 |
| Total Assets | 4,664.13 | 8,710.68 | 8,386.54 |
| Profit After Tax | 877.19 | 593.78 | 132.80 |
Capillary Technologies IPO Lot Size
The Capillary Technologies IPO lot size and investment limits for various investor categories are provided below. Final figures will be announced once the price band is declared.
| Application | Lots | Shares | Amount (in ₹) |
| Retail (Min) | 1 | 25 | 14,425 |
| Retail (Max) | 13 | 325 | 1,87,525 |
| S-HNI (Min) | 14 | 350 | 2,01,950 |
| S-HNI (Max) | 69 | 1,725 | 9,95,325 |
| B-HNI (Min) | 70 | 1,750 | 10,09,750 |
Capillary Technologies IPO Promoter Holding
The Capillary Technologies IPO promoter holding details before and after the issue are as follows.
| Percentage | |
| Promoter Holding Pre-Issue | 96.18% |
| Promoter Holding Post-Issue | 70.68% |
Capillary Technologies IPO Anchor Investors Details
The anchor investor details outline the allocation and bidding information for the institutional portion of the IPO.
| Bid Date | November 13, 2025 |
| Shares Offered | 68,28,001 |
| Anchor Portion Size (in Cr.) | 393.98 |
| Anchor lock-in period end date for 50% shares (30 Days) | December 19, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 17, 2026 |
Capillary Technologies IPO Subscription Status
The IPO subscription data, including category-wise bidding updates, will be updated here once released during the offer period.
| Day 1 (Nov 14, 2025) | 0.29 times |
| Day 2 (Nov 17, 2025) | 0.37 times |
| Day 3 | – |
Capillary Technologies IPO Prospectus
As a statutory requirement of the listing process, the Capillary Technologies IPO prospectus contains comprehensive filings and disclosures for investors to examine.
About Capillary Technologies
Capillary Technologies was founded in 2008 and is headquartered in Bengaluru, Karnataka. The company specialises in AI-powered, cloud-native SaaS solutions for customer loyalty and engagement, offering end-to-end loyalty programs and omnichannel strategies for brands. Capillary powers 400+ brands and reaches over 1.2 billion consumers across 30+ countries with a diversified product suite. The company processes nearly 2 billion transactions annually, serving industries from retail and hospitality to oil and gas. Capillary Technologies International Pte. Ltd. is its promoter. Aneesh Reddy, co-founder, currently serves as CEO, driving global expansion and technology innovation in loyalty management.
| Book running lead managers | JM Financial Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited |
| Registrar to the offer | MUFG Intime India Private Limited |
Objectives of the Capillary Technologies IPO
The objectives of the Capillary Technologies IPO are intended to achieve the purposes mentioned here.
| Objects of the issue | Allocation (₹ in Crores) |
| Funding cloud infrastructure costs | 143.00 |
| Investment in research, design, and product development | 71.58 |
| Purchase of computer systems | 10.34 |
| Inorganic growth and general corporate purposes | To be determined |
Strength Of Capillary Technologies IPO
The primary strengths of Capillary Technologies are based on the following factors:
- Global leader in loyalty solutions: Serves over 1.82 billion consumers as of September 30, 2025, recognised for its loyalty and engagement management expertise.
- Comprehensive SaaS product suite: Provides scalable AI-driven products such as Loyalty+, Engage+, Insights+, Rewards+, and CDP across industries like retail, BFSI, and healthcare.
- Strong client base and high retention: Works with 410+ brands, including 19 Fortune 500 companies, maintaining an impressive Net Revenue Retention (NRR) of 121.25% in FY25.
- Successful business integrations: Has effectively acquired and integrated firms such as Persuade Group, B+P, and Rewards+, contributing to a 53.06% CAGR in operational revenue (FY23–FY25).
- Experienced leadership and strong investor base: Led by CEO Aneesh Reddy Boddu and backed by prominent investors like Peak XV Partners, AVP Funds, Ronal Holdings, and Trudy Holdings.
Risk of Capillary Technologies IPO
The risks of the IPO include operational, financial, and market-related challenges faced by the company that investors should be aware of.
- Customer concentration: The top 10 customers accounted for 58.71% of FY25 revenue and 55.70% during the six months ended September 30, 2025.
- Geographic dependence: Over half of the revenue comes from North America (56.59% in FY25).
- Historical losses and negative cash flow: The company reported losses in FY23 and FY24, with negative operating cash flow in some periods.
- Acquisition risks: Integration of acquired entities like Persuade and Kognitiv could pose operational challenges.
- Reliance on core personnel: The business heavily depends on its workforce for product design and client retention.
- Innovation dependence: Future performance relies on continued innovation and timely product updates.
- Third-party reliance: Operations depend on external cloud and data center providers; disruptions or cost increases could impact performance.
Unidentified acquisitions: A part of IPO proceeds will go towards acquisitions that are yet to be finalised.
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Capillary Technologies IPO FAQ‘s
The Capillary Technologies IPO is a book-built public offering including a fresh issue worth ₹345 crore and an Offer for Sale of 9,228,796 shares by existing shareholders. It is a mainboard IPO planned for listing on BSE and NSE.
To apply via Zerodha, log in to your Zerodha account console, navigate to the IPO section when the application window opens, select Capillary Technologies IPO, enter the bid quantity and price band (when disclosed), and submit payment authorisation via UPI or net banking.
The IPO subscription window will open on November 14, 2025, and close on November 18, 2025, allowing investors to place bids during this period through authorised trading or brokerage platforms.
The final lot size and specific bidding price band for Capillary Technologies IPO have not yet been disclosed. These details will be provided by the company at least two working days before the subscription window opens.
Investors need to open a demat and trading account, ensure sufficient funds in the linked bank account, research the IPO prospectus, submit their bid during the open subscription window through their broker’s IPO platform, and authorise payment using ASBA or UPI.
The provisional allotment for Capillary Technologies IPO is expected to be finalised on November 19, 2025, shortly after the subscription closes. Allotment status will be available on registrar websites and trading platforms.
The IPO shares are expected to be listed on the BSE and NSE on November 21, 2025, allowing trading to begin after the shares are credited to investors’ demat accounts and all regulatory clearances are completed.
