Capillary Technologies India Ltd

Capillary Technologies India Ltd is one of India’s leading SAAS (software as a service) companies. The company focuses predominantly on customer loyalty and customer engagement solutions. It helps its B2B customers understand brands and engage more effectively with customers. Some of its key service offerings include loyalty management solutions, customer engagement automation, customer analytics, omnichannel CRM etc. It caters to a wide range of industries like retail, FMCG, and Hospitality. Some of its marquee client brands include Shell, Domino’s, Tata Group, and Puma. 

The IPO will be a combination of a fresh issue and an offer for sale by the early investors. The fresh issue funds will be used for cloud infrastructure stack, R&D plus product design, and to fund inorganic growth where feasible. The OFS includes sale of shares by the promoters and early investors. The promoters of the company are Capillary Technologies International Pte Ltd and Aneesh Reddy Boddu. The issue is being lead-managed by JM Financial, IIFL Capital, and Nomura Financial Advisory; while MUFG Intime India Private Ltd will be the registrars to the IPO.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Capillary Technologies India Ltd. 

1. The IPO of will be open from November 14th, 2025 to November 18th, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹549 to ₹577 per share.
2. The IPO of Capillary Technologies India Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters.
3. The fresh IPO portion comprises the issue of 59,79,202 shares (59.79 lakh shares), which at the upper price band of ₹577 per share translates into ₹345.00 crore.
4. The OFS of the IPO comprises the sale of 92,28,796 shares (92.29 lakh shares), which at the upper price band of ₹577 per share translates into ₹532.50 crore.
5. The overall IPO will comprise of the issue and sale of 1,52,07,998 shares (152.08 lakh shares), which at the upper price band of ₹577 per share translates into ₹877.50 crore. 

The IPO of Capillary Technologies India Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Capillary Technologies India Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Capillary Technologies India Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 25 shares) 

Financial Highlights

The table captures the key financials of Capillary Technologies India Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company, Capillary Technologies India Ltd, has been making losses up to FY24 and only in FY25 it has turned around to profits. Hence, the profit figures and the return ratios for the last 3 years are not exactly comparable. Also, a lot will depend on whether these profits represent a temporary upside or a structural turnaround in business. However, the sales have more than doubled in two years, showing genuine traction on the top line. 

Valuation Metrics

At the IPO price of ₹577, the latest EPS of ₹1.91 shows a P/E discounting of 302.0 times. This is surely too high to take a call at this juncture as the turnaround has just happened. However, CRM is big business and as the market place gets more complicated, the need for a business that can simplify such complex metrics would be really required. From that perspective, the potential looks good for the business. 

Over the years, the company has emerged as a trusted partner in loyalty solutions to the retail and FMCG space. Its diverse customer base opens up the possibilities for higher wallet share per customer. A lot will depend on how the financials pan out in the next few quarters. For now, IPO investors would have to bet on the underlying sweet spot of the business, with the hope that the company sustains the turnaround. 

A Brief on the Anchor Allocation

The anchor issue of Capillary Technologies India Ltd saw a strong response on 13th November 2025 with 44.89% of the IPO size absorbed by anchors. Out of 1,52,11,431 shares (152.11 lakh shares) on offer in the IPO, anchors picked up 68,28,001 shares (68.28 lakh shares) accounting for 44.89% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹577 per share. This includes the face value of ₹2 per share plus a share premium of ₹575 per share. The anchor bidding process opened and closed on 13th November 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Capillary Technologies India Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 13th November 2025, Capillary Technologies India Ltd allotted 68,28,001 shares to 21 anchor investors. The allocation was done at the upper IPO price band of ₹577 per share which resulted in overall anchor allocation of ₹393.98 crore. The anchors have already absorbed 44.89% of the total issue size of ₹877.50 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹284.04 crores, or, 72.10% of the overall anchor allocation of shares in Capillary Technologies India Ltd done on November 13, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251113-68&attachedId=d70d4bbf-3839-4661-b924-b323ed6a59d4 

Out of the 68,28,001 shares allocated to the anchors in the IPO, there were a total of 46,10,225 shares allocated to mutual funds registered with SEBI. The allocation was made to 13 mutual fund schemes across 9 AMCs. Mutual funds accounted for 67.52% of the total anchor allocation of the IPO. FPIs, AIFs, and P-Notes were also active in participating in the anchor allocation of Capillary Technologies India Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 18th November 2025, the basis of allotment will be finalized on 19th November 2025 and the refunds will be initiated on 20th November 2025. In addition, the demat credits are expected to also happen on 20th November 2025 and the stock will list on 21st November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 20th November 2025 under ISIN (INE0ILV01024). 

IPO Subscription Status On Day-1

As of 5.45 pm on 14th November 2025, out of the 83.83 lakh shares on offer in the IPO (excluding anchor portion), Capillary Technologies India Ltd saw bids for 23.68 lakh shares. This implies an overall subscription of 0.28X or 28% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Capillary Technologies India Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 18, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.15 pm on 17th November 2025, out of the 83.83 lakh shares on offer in the IPO (excluding anchor portion), Capillary Technologies India Ltd saw bids for 43.37 lakh shares. This implies an overall subscription of 0.52X or 52% at a macro level. The granular break-up of subscriptions at the close of Day-2 of the IPO of Capillary Technologies India Ltd across investor categories was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 18, 2025, at which point we will know the final subscription status of the IPO. For now, the IPO is not fully subscribed and the important consideration in the IPO is for the institutional portion to get substantially subscribed. 

IPO Subscription Status On Day-3

As of 7.05 pm on 18th November 2025, out of the 83.83 lakh shares on offer in the IPO (excluding anchor portion), Capillary Technologies India Ltd saw bids for 4,438.96 lakh shares. This implies an overall subscription of 52.89X at a macro level. The granular break-up of subscriptions at the close of Day-3 of the IPO of Capillary Technologies India Ltd across investor categories was as under: 

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Capillary Technologies India Ltd was open up to November 18, 2025, and has closed for subscription as of the close of trading hours on November 18, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. 

About the Capillary Technologies India Ltd

The IPO of Capillary Technologies India Ltd opened on November 14th, 2025 and closed on November 18th, 2025. The overall IPO comprised entirely of a fresh issue and an offer for sale (OFS) of 1,52,11,431 shares (152.11 lakh shares) worth ₹877.70 crore at the upper price band of ₹577 per share. The allotment status will be finalized by end of day (EOD) of November 19, 2025. Here is how to check your allotment status for the IPO of Capillary Technologies India Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Capillary Technologies India Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Capillary Technologies India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select CAPILLARY from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Capillary Technologies India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.