The Capillary Technologies IPO will remain open for three days and is expected to close on November 18, 2025. The allotment is expected to be completed on November 19, 2025 and the shares are expected to be listed on the BSE and NSE on November 21, 2025, subject to confirmation.
Capillary Technologies GMP today:
In the gray market, Capillary Technologies shares are trading at a premium of around 4.2%, which translates to Rs 24-25 above the issue price of Rs 577. This premium in the gray market suggests that the stock could trade between Rs 601 and 602, assuming market sentiment remains stable.
Capillary Technologies IPO Subscription Status
Capillary Technologies’ IPO was subscribed to a total of 28% at the end of Day 1, according to BSE data. This indicates a moderate start to the issuance, with participation from all investor categories. Private Individual Investors (RIIs): The retail portion was 26% subscribed, with investors bidding for a share of the 15.17 lakh shares reserved for them. This indicates steady but cautious interest from retail investors. Non-Institutional Investors (NIIs): In the NII category, 28% were subscribed to the 22.76 lakh shares on offer, reflecting a balanced response from HNI and non-institutional participants.Qualified Institutional Buyers (QIBs): QIBs subscribed to 29% of their allotted shares of Rs 45.52 lakh, indicating early participation from institutional investors, which often sets the tone for broader market sentiment.
Overall, the IPO was subdued on Day 1, with activity expected to increase over the remaining offering days.
IPO details
Capillary Technologies is launching an IPO worth Rs 877.50 crore, comprising a fresh issue of 0.60 crore equity shares for a total of Rs 345.00 crore and an offer for sale (OFS) of 0.92 crore equity shares amounting to Rs 532.50 crore.
The offering includes new shares as well as sales from existing shareholders, with the proceeds intended to support the company’s growth plans, technology upgrades and working capital requirements. The IPO closes later this week, with allotment expected on November 19 and listing on November 21.
The Bengaluru-based company has set a price band of Rs 549-Rs 577 per share, and the minimum lot size is 25 shares.
About the company
Founded in 2008, Capillary Technologies provides cloud-based customer loyalty and engagement solutions for leading brands in industries such as retail, FMCG, fuel and hospitality. The product suite – Loyalty, Engage, Insights and Rewards – enables companies to design customized loyalty programs, study customer behavior and execute personalized marketing campaigns via SMS, email, mobile apps and other digital channels.
The company serves more than 250 brands in more than 30 countries, with well-known customers such as Tata, Domino’s, Puma, Shell and Jockey. Over the years, the company has emerged as a leader in enterprise loyalty platforms and omnichannel CRM systems, backed by a scalable cloud-based infrastructure and strong, long-term customer relationships that contribute to high retention and recurring revenue.
Brokers following the IPO have noted Capillary’s solid fundamentals and its distinctive position within the enterprise SaaS ecosystem.
Asit C Mehta Investment Intermediates has recommended a ‘subscribe’ rating for the IPO, citing Capillary Technologies’ extensive product suite and strong customer base as key strengths in the fast-growing digital loyalty market. The brokerage highlights the company’s diversified global presence and recurring revenue model, which together provide both stability and room to scale.
Capillary’s advantage comes from its deep integration of AI and analytics into customer engagement. Machine learning and predictive modeling capabilities allow brands to personalize communications and strengthen loyalty – areas that have seen significant investment since the pandemic.
Analysts note that the company operates in a fast-growing segment, fueled by the ongoing digital transformation of customer experience platforms. With the Indian SaaS market expected to reach $25 billion by 2030, Capillary’s enterprise-focused strategy positions this market well to meet growing demand.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of the Economic Times)
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