Capillary Technologies IPO Off to a Slow Start
The initial public offering (IPO) of software-as-a-service firm Capillary Technologies encountered a subdued reception from the investment community on its opening day, Tuesday, November 14. Data from the stock exchanges revealed that the public issue was subscribed a mere 0.29 times by the end of the first day of the subscription window.
Detailed Breakdown of Subscription Figures
Investors bid for a total of 23.93 lakh shares against the entire offer size of 83.79 lakh shares. A closer look at the category-wise subscription data shows a uniformly lukewarm interest. The portion reserved for Retail Individual Investors (RIIs) was subscribed 0.28 times. Similarly, Non-Institutional Investors (NIIs), which include high-net-worth individuals, also subscribed to their quota at 0.28 times.
The Qualified Institutional Buyers (QIB) category saw a marginally better, though still weak, response with a subscription of 0.29 times. The employee portion of the IPO was the most sought-after, getting subscribed 0.91 times, nearly reaching full subscription.
Key Details of the ₹877.5 Crore Public Offer
The mainboard IPO from Capillary Technologies is a mix of fresh issue of shares and an offer for sale (OFS) by existing shareholders. The total issue size aggregates to ₹877.50 crore.
This comprises a fresh issue of 0.60 crore shares aiming to raise ₹345 crore for the company. Additionally, there is an offer for sale (OFS) of 0.92 crore shares aggregating to ₹532.50 crore.
The company has set a price band of ₹549 to ₹577 per share. For retail investors, the lot size is 25 shares, making the minimum investment amount ₹14,425.
Utilization of Proceeds and Company Timeline
Capillary Technologies intends to use the net proceeds from the fresh issue for several strategic purposes. The primary objectives include funding its cloud infrastructure costs and investing in the research, design, and development of its products and platforms.
A part of the capital will also be allocated for the purchase of computer systems to bolster business operations. The company has also earmarked funds for inorganic growth through potential acquisitions, alongside general corporate purposes.
The IPO is scheduled to close on Thursday, November 16. The finalization of the share allotment is expected to take place on Wednesday, November 19. The company will initiate the refund process for unsuccessful applicants on Thursday, November 20. On the same day, the shares will be credited to the demat accounts of successful allottees.
The tentative listing date for the equity shares on both the BSE and NSE is Friday, November 21. JM Financial Ltd is acting as the book-running lead manager for the issue, and MUFG Intime India Pvt. Ltd. is the registrar.
About Capillary Technologies: An AI-Driven SaaS Leader
Capillary Technologies is a prominent software company providing artificial intelligence (AI)-driven, cloud-native SaaS products. Its solutions are primarily designed for enterprise customers across the globe, helping them build and foster loyalty among their consumers and channel partners.
The company holds a strong position in the loyalty management sector, being one of the few players that offers comprehensive, end-to-end loyalty solutions. Its impressive client roster features major names such as Tata Digital, ABFRL, Domino's Pizza Indonesia, Aditya Birla Fashion Limited, Puma Sports India, and IndiGo's parent InterGlobe Aviation Limited.
As of September 30, 2025, the company served 110 customers and 413 brands. The customer count for the previous fiscal years ending March 31, 2025, 2024, and 2023 stood at 98, 111, and 112, respectively.
