The IPO of Capillary Technologies India Limited began on a cautious note, with modest interest from investors on Day 1. By the end of the first day of bidding, the public issue was subscribed 0.28 times, receiving around 23.68 lakh bids against 83.83 lakh shares on offer.
The IPO opened on November 14 and will close on November 18.
Retail investors subscribed 0.26 times, while the non-institutional category was covered 0.28 times. The QIB portion saw 0.29 times subscription, and the employee segment was subscribed 0.87 times. The early trend shows that investors are taking a measured approach despite the company’s strong anchor book.
A day before the IPO opened, Capillary Technologies raised Rs 394 crore from anchor investors. The list included HSBC Global Investment Funds – Asia Ex Japan Equity Smaller Companies, SBI Technology Opportunity Fund, ICICI Prudential Innovation Fund, Kotak Pioneer Fund, Axis Multicap Fund, Aditya Birla Sun Life Digital India Fund and Amundi Funds New Silk Road.
The grey market premium for Capillary Technologies has softened noticeably. The latest GMP stands at Rs 23, down from nearly Rs 50 just a couple of days ago. Based on the current premium, the estimated listing price is around Rs 600, which translates to a gain of roughly 4 percent over the upper price band of Rs 577.
The decline in GMP suggests that sentiment has cooled in the short term, even though long-term interest in the company’s business model remains visible.
Capillary Technologies is a Bengaluru-based enterprise SaaS company that operates across multiple geographies. Its core strength lies in customer engagement and loyalty management through AI and machine learning. Products like Engage+ and its Co-Pilot tools help enterprises run personalised marketing campaigns and make faster, data-led decisions.
The business is built on scalable cloud-native infrastructure, allowing the company to cater to global clients seeking digital transformation and customer retention solutions.
IDBI Capital has assigned a “Subscribe” rating to the IPO for long-term investors. The brokerage notes that Capillary Technologies is well-positioned to benefit from rising global demand for AI-led marketing, loyalty programmes and predictive engagement tools.
According to IDBI Capital, the company’s AI-driven solutions, expanding customer base and cloud-native architecture give it a strong runway for growth. The structural shift toward digital transformation and enterprise loyalty solutions further supports its long-term prospects.
For long-term investors, the IPO offers exposure to a growing global SaaS player operating in a space that continues to attract enterprise spending. The endorsement from IDBI Capital adds confidence to the company’s growth story.
However, short-term investors should be cautious. The GMP has dropped sharply, and Day 1 subscription numbers indicate that the broader market is still evaluating the offer. Listing gains, based on current market sentiment, may be limited.
In simple terms, the IPO looks more suitable for long-term investors willing to stay patient, while those chasing immediate upside may prefer to wait and watch.
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