About Capillary Technologies
Capillary Technologies India Limited is a leading enterprise SaaS provider headquartered in Bengaluru, founded in 2008. It specializes in loyalty management, customer engagement platforms, analytics and marketing automation solutions for brands across retail, hospitality, and FMCG sectors. Their subscription-based suite—Loyalty+, Engage+, Insights+, Rewards+, and CDP—touches over 410 brands in 47 countries, with high international expansion. Capillary’s tech leverages AI and cloud-native architecture to help global enterprises understand consumer behavior, run targeted campaigns, and maximize customer lifetime value. With a strong R&D focus and steady profitability, Capillary stands out as one of India’s premier SaaS stories.
Capillary Technologies IPO Details (Mobile Table)
| Detail | Information |
|---|---|
| IPO Issue Size | ₹877.5 crore |
| Price Band | ₹549 – ₹577 per share |
| Lot Size | 25 Shares |
| Open Date | November 14, 2025 |
| Close Date | November 18, 2025 |
| Allotment Date | November 19, 2025 |
| Listing Date | November 21, 2025 |
| Registrar | MUFG Intime India |
| GMP (Nov 11) | ₹0 |
| Type | Fresh + OFS (Combination) |
| Book Lead Managers | Nomura, IIFL, JM Financial |
| Minimum Amount | ₹14,425 (1 lot) |
| Face Value | ₹2 per share |
Company Financials (Mobile Table)
| Year/Period | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | Total Assets (₹ Cr) |
|---|---|---|---|---|
| FY23 | 255 | -59.4 | – | – |
| FY24 | 525 | -6.8 | – | – |
| FY25 | 598 | 13.3 | – | – |
| H1 FY26 (Sep) | 359 | 1.0 | – | – |
Capillary posted its first profits in FY25, reversing losses. Revenue growth is consistently strong, with 25% increase in H1 FY26 YoY. Margins and return ratios expanded sharply in recent years.
Capillary Technologies: Business Model & Growth
- Capillary operates on a SaaS model, generating income from software licenses, professional services, and technical support subscriptions.
- Their cloud-native platforms drive analytics, loyalty programs, and customer engagement for major brands – 410+ globally including 19 Fortune 500 brands.
- Key focuses remain on R&D, infrastructure, and international growth, as well as domestic client acquisition.
- The company has integrated successful acquisitions (e.g., Persuade Group, B+P, Rewards+), driving a rapid CAGR in operational revenue.
IPO Structure & Utilization
- The IPO is a blend of fresh share issue (₹345 crores) and offer for sale (OFS) by existing shareholders (₹532.5 crores).
- Proceeds will fund cloud expansion, product development, computer systems, and inorganic growth via acquisitions.
Grey Market Premium (GMP) & Subscription Trends
- GMP as of November 11, 2025, stands at ₹0, signaling muted unofficial interest before listing.
- Subscription period is November 14–18, basis of allotment on November 19, listing on November 21.
Broker Recommendations
- Most top brokers rate Capillary Technologies IPO as “Subscribe” based on robust revenue growth, tech sector leadership, strong client retention, and first-time profitability.
- Broker highlights include:
- Market leader in loyalty & engagement SaaS
- High client retention and diversified base
- Successful M&A and integration track record
- Improved margins and positive return ratios
- Cautions center on lack of GMP and competitive SaaS landscape, but long-term outlook remains bullish.
Capillary Technologies IPO: Should You Apply?
Capillary Technologies IPO offers a rare chance to invest in a fast-growing Indian SaaS leader that’s turning the corner on profitability. With globally recognized brands as clients, robust revenue growth, and positive sector tailwinds, it stands out despite a muted GMP. Brokers recommend subscribing with a long-term horizon as digital engagement and loyalty tech continue to surge in India and worldwide.
For real-time updates, financial ratios, and personalized recommendations, always consult with your registered financial advisor and monitor live subscription and GMP trends before investing.
