Capillary Technologies India Ltd. is launching a ₹877.50 crore mainboard IPO comprising a fresh issue of 59,79,202 shares aggregating to ₹345.00 crore and an offer for sale of 92,28,796 shares aggregating to ₹532.50 crore. The offer opens on November 14, 2025 and closes on November 18, 2025, with allotment expected on November 19 and a proposed listing on BSE and NSE on November 21, 2025. The price band is ₹549 to ₹577 per share; the minimum retail application is 1 lot (25 shares) = ₹14,425 at upper band. Eligible employees receive a discount of ₹52 per share.
Capillary Technologies IPO
Mainboard book‑built issue (Fresh + Offer for Sale)
UPCOMING IPOCapillary Technologies India Ltd. is launching a ₹877.50 crore mainboard IPO comprising a fresh issue of 59,79,202 shares aggregating to ₹345.00 crore and an offer for sale of 92,28,796 shares aggregating to ₹532.50 crore. The offer opens on November 14, 2025 and closes on November 18, 2025, with allotment expected on November 19 and a proposed listing on BSE and NSE on November 21, 2025. The price band is ₹549 to ₹577 per share; the minimum retail application is 1 lot (25 shares) = ₹14,425 at upper band. Eligible employees receive a discount of ₹52 per share.
| Face Value | ₹2 per share |
|---|---|
| Issue Price Band | ₹549 to ₹577 per share |
| Offer Structure | Fresh Issue + Offer for Sale |
| Total Shares | 1,52,07,998 shares (aggregating up to ₹877.50 crore) |
| Fresh Issue | 59,79,202 shares (aggregating up to ₹345.00 crore) |
| Offer for Sale | 92,28,796 shares of ₹2 (aggregating up to ₹532.50 crore) |
| Employee Discount | ₹52.00 per share |
| Issue Type | Book‑building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 7,33,29,138 / 7,93,08,340 shares |
| Lead Manager | JM Financial Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of the Net Offer |
| NII (HNI) | Not more than 15% of the Net Offer |
| Retail (RII) | Not more than 10% of the Net Offer |
| IPO Open | Fri, Nov 14, 2025 |
|---|---|
| IPO Close | Tue, Nov 18, 2025 |
| Allotment (Tentative) | Wed, Nov 19, 2025 |
| Initiation of Refunds | Thu, Nov 20, 2025 |
| Credit to Demat | Thu, Nov 20, 2025 |
| Listing (Tentative) | Fri, Nov 21, 2025 |
| UPI Mandate Cut‑off | 5 PM on Tue, Nov 18, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| 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 |
Amounts calculated at upper price band (₹577 per share).
Capillary Technologies India Ltd is a Bengaluru‑headquartered SaaS leader in customer loyalty, engagement and analytics. Founded in 2008, Capillary provides Loyalty+, Insights+, Engage+ and Rewards+ platforms to enterprise customers across retail, F&B, hospitality and energy sectors. The company serves 250+ brands across 30+ countries and operates on a recurring subscription model with professional services and support.
Promoters
Capillary Technologies International Pte Ltd and Aneesh Reddy Boddu.
Promoter Holding
| Pre‑Issue | 67.90% |
|---|---|
| Post‑Issue | TBA |
FY2023 – FY2025 & H1 FY2026 (₹ crore)
| Period Ended | Assets | Total Income | Profit After Tax | EBITDA | Net Worth | Reserves | Total Borrowing |
|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 892.33 | 362.56 | 1.03 | 39.82 | 509.38 | 149.34 | 88.94 |
| FY2025 (31 Mar 2025) | 838.65 | 611.87 | 14.15 | 78.57 | 481.42 | 170.26 | 100.09 |
| FY2024 (31 Mar 2024) | 871.07 | 535.44 | -68.35 | -1.49 | 452.13 | 30.89 | 77.17 |
| FY2023 (31 Mar 2023) | 466.41 | 266.25 | -88.56 | -58.34 | 99.75 | 31.99 | 147.47 |
Source: Company RHP/DRHP and credible IPO trackers. Revenue grew ~14% and PAT rose ~121% between FY2024 and FY2025 (restated consolidated).
Key Performance Indicators (as of Mar 31, 2025)
| ROCE | 2.76% |
|---|---|
| Debt/Equity | 0.18 |
| RoNW | 2.85% |
| PAT Margin | 2.37% |
| EBITDA Margin | 13.13% |
| Price to Book Value | 8.87 |
| Market Capitalization | ₹4,576.09 Cr. |
Objects of the Issue (₹ crore)
| S.No | Object | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Funding our cloud infrastructure cost | 120.00 |
| 2 | Investment in research, designing and development of our products and platform | 151.54 |
| 3 | Investment in purchase of computer systems for our business | 10.32 |
| 4 | Funding inorganic growth through unidentified acquisitions and general corporate purposes | TBA |
Company Contact
Capillary Technologies India Ltd.
#360 bearing PID No 101, 360, 15th Cross Rd, Sector 4, HSR Layout, Bengaluru, Karnataka, 560102
Phone: +91 80 4122 5179
Email: investorrelations@capillarytech.com
Website: http://www.capillarytech.com/
Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: capillarytechnologies.ipo@in.mpms.m
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Lead Manager(s)
JM Financial Ltd., IIFL Capital Services Ltd., Nomura Financial Advisory & Securities (India) Pvt. Ltd.
Analyst note: Capillary is a market leader in loyalty SaaS with steady revenue growth and improving profitability. Valuation is rich (high P/B and P/E); investors should assess growth outlook, retention metrics and margin sustainability before applying.
Refer to the Capillary Technologies DRHP/RHP for full details. All figures are per the RHP and credible IPO trackers; post‑issue exact retail allotment numbers will be updated after allotment.
It’s interesting to see Capillary Technologies balancing a mix of a fresh issue and an offer for sale. With a price band between ₹549 to ₹577, this could be an attractive investment for retail investors, especially with the employee discount. I’m curious about the company’s future growth post-IPO.
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