Capillary Technologies India Limited is launching its Initial Public Offering (IPO) to raise capital primarily for Funding cloud infrastructure cost and Investment in R&D. The IPO comprises a fresh issue of 0.6 crore shares worth Rs. 345 crore and an offer for sale of 0.92 crore shares worth Rs. 532.50 crore, bringing the total issue size to Rs. 877.50 crore.
Capillary Technologies India Limited IPO opens on November 14, 2025, and closes on November 18, 2025, with shares set to be listed on NSE and BSE on Friday November 21, 2025. Here’s a complete overview of the issue.
Capillary Technologies India Limited’s IPO is priced between Rs. 549 to Rs. 577 per share with a lot size of 25 shares. Retail investment is Rs. 14,425 (25 shares at the upper price). For S-HNI, the investment is 14 lots (350 shares) totaling Rs. 2,01,950, and for B-HNI, a minimum of 70 lots (1,750 shares) totaling Rs. 10,09,750.
GMP of Capillary Technologies India Limited IPO
As of November 14, 2025, the shares of Capillary Technologies India Limited in the grey market were trading at a 0 percent premium. This gives it a premium of Rs. 0 per share over the upper price band of Rs. 577 .
Overview of Capillary Technologies India Limited
Capillary Technologies India Ltd, founded in 2008 and headquartered in Bengaluru, is a leading SaaS company specializing in customer loyalty and engagement solutions. It offers a suite of products that help brands strengthen customer relationships through data-driven insights, AI, and analytics. The company’s platform supports loyalty management, marketing automation, and omnichannel CRM, enabling personalized and consistent engagement across digital and offline touchpoints.
Capillary serves over 250 global brands across more than 30 countries, including Tata, Domino’s, Jockey, PUMA, and Shell. Operating on a subscription-based SaaS model, it generates revenue through software licenses, professional services, and support, catering to industries like retail, FMCG, and hospitality.
Promoters of Capillary Technologies India Limited
Capillary Technologies India Limited Limited’s promoters are Capillary Technologies International Pte. Ltd. And Aneesh Reddy Boddu, who together play a key role in guiding the company’s vision, strategy, and growth.
Capillary Technologies India Limited Selling Shareholders
The Capillary Technologies India Limited IPO features a significant Offer for Sale, with promoters Capillary Technologies International Pte. Ltd. selling around 85.4 lakh equity shares and Trudy Holdings selling around 6.88 lakh equity shares each.
Lead Managers of Capillary Technologies India Limited
JM Financial Limited, IIFL Capital Services Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers for the IPO. MUFG Intime India Private Limited is the registrar handling the offer process.
Objectives of the IPO Offer
Capillary Technologies India Limited intends to use the net proceeds from its IPO for four main purposes: around Rs. 143 crore to fund cloud infrastructure costs, around Rs. 71.58 crore to invest in product research and development; around Rs. 10.34 crore for purchase computer systems and remaining to support inorganic growth along with general corporate purposes.
Financial Analysis of Capillary Technologies India Limited
Capillary Technologies India Limited’s revenue from operations has increased from Rs. 402.13 crore in FY24 to Rs. 481.11 crore in FY25, which represents a growth of 19.64 percent. The net profit has turned from a loss of Rs. 68.35 crore in FY24 to Rs. 14.15 crore in FY25.
In terms of return ratios, the company reports a Return on Capital Employed (ROCE) of 2.76 percent and a Return on Net Worth (RoNW) of 2.85 percent and Debt to equity stands at 0.18.
Capillary Technologies India Limited Vs Peers
Capillary Technologies India Limited reported an EPS of Rs. 1.93 and a RoNW of 2.85 percent. In comparison, Salesforce Inc.’s EPS of Rs. 540.79 and its RoNW of 10.26 percent. Adobe Inc reported Rs. 1,038.29 EPS, and a RoNW of 36.74 percent. Capillary Technologies India Limited’s net asset value per share is Rs. 65.03, compared to Rs. 3,153.16 for HubSpot Inc. and Rs. 402.61 for Braze Inc.
Strengths of Capillary Technologies India
- The company has a trusted partner in loyalty solutions.
- The company has artificial intelligence-driven innovation.
- The company has comprehensive solutions for diverse segments.
- The company has scalable cloud-based infrastructure with seamless integration.
- The company has diverse long-term customer relationships with high net revenue retention.
- The company has a strong sales engine and partnership network resulting in the addition of new brands.
- The company has a proven playbook to integrate and turnaround acquired businesses.
Weaknesses of Capillary Technologies India
- The company relies heavily on a few key customers, with the top 10 contributing over half its revenue, making it vulnerable to revenue loss if any major client reduces or ends business.
- The company derives a major portion of its revenue from North America, contributing 56.01 percent in H1FY26. Any economic, regulatory, or market disruptions in the region could negatively impact its business, revenue, and overall financial performance.
- The company may face challenges in attracting new customers cost-effectively, which could negatively impact its business growth, cash flows, and overall financial performance.
- The company’s success depends on its ability to develop and innovate its platform, products, and solutions efficiently and on time. Any failure to do so or inability to meet customer expectations could negatively impact its business and financial performance.
- The company and some of its key subsidiaries have reported losses of Rs. 68.22 million in H1FY25, Rs. 593.78 million in FY24, and Rs. 877.19 million in FY23, and may continue to face losses in the future, which could adversely affect its business, cash flows, and financial condition.
- The company has pursued and may continue to pursue strategic acquisitions, but any failure to integrate them effectively or achieve expected performance could adversely affect its operations and financial results.
Conclusion
Capillary Technologies India Limited’s IPO shows good growth potential with a strong global presence and steady revenue increase. However, the company depends on a few key clients and has had past losses, which adds some risk. Overall, it looks promising for long-term investors willing to take moderate risk.
Written By Akshay Sanghavi
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