Capillary Technologies raises Rs 394 cr from anchor investors ahead of IPO; Ravi Dharamshi’s Valuequest, Amundi among major financiers

Capillary Technologies India has raised Rs 394 crore from a group of anchor investors ahead of its initial public offering (IPO), which opens for subscription on Friday, November 14. Ravi Dharamshi-backed Valuequest, French asset management firm Amundi and HSBC are some of the major investors who have received the allocations.The software product company allotted 68.28 lakh shares to 21 anchor investors at Rs 577 per share. Under this, nearly 46.10 lakh shares, accounting for 67.52% of the total allocation to anchor investors, were allotted to nine domestic mutual funds through a total of thirteen schemes.

Valuequest India Inflexion Fund, Amundi Funds New Silk and HSBC Global Investment Funds – Asia Ex Japan Equity Smaller companies captured 4.57% shares, each from the anchor quota.Other big names that participated in the anchor bidding include SBI MF, ICICI Prudential, Kotak MF, Axis MF, Aditya Birla Sun Life MF and Mirae.

Capillary Technologies IPO GMP

The company’s shares offered no premium on the gray market as of 9:30 PM on Thursday.

IPO details

The IPO is a fresh issue for Rs 345 crore and an offer for sale (OFS) for 9,228,796 shares. The three-day issue will close on Tuesday, November 18, 2025. The offer will be made through the bookbuilding process and will raise Rs 877.5 crore at the top end of the price band. The issuance will allocate up to 75% of the net bid to qualified institutional buyers (QIBs), up to 15% to non-institutional investors (NIIs) and up to 10% to retail private bidders.

The IPO investors can bid for a minimum of 25 shares and then in multiples of 25 shares.

Lead Managers of Capillary Technologies India

JM Financial, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead manager, while MUFG Intime India Private Limited is the registrar of the offer.

About the company

The company is a software product company that offers artificial intelligence (AI)-based cloud-native Software-as-a-Service (SaaS) products and solutions primarily to enterprise customers worldwide to develop the loyalty of its consumer and channel partners.

From September 2025,

The company stands out as one of the global leaders in loyalty and engagement as of September 2025, based on benchmarking against its peer group and the breadth of its offering, according to the company’s Red Herring Prospectus, citing Zinnov Report.

Capillary Technologies will support more than 410 brands in 47 countries as of September 30, 2025.

Financial data

The company’s consolidated revenue for the six months ended September 30, 2025 was Rs 359.22 crore versus Rs 287.18 crore for the six months ended September 30, 2024.

The company’s consolidated revenue from operations stood at Rs 598.26 crore during FY25 versus Rs 525 crore during FY24 and Rs 255.37 crore during FY23.

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