Capillary Technologies initial public offering (IPO) is set to open for subscription on Friday, November 14, and will remain open until Monday, November 18.
The ₹877.50 crore issue comprises a fresh issue of 0.60 crore shares aggregating to ₹345 crore and an offer for sale (OFS) of 0.92 crore shares aggregating to ₹532.50 crore. Of the total issue size, 75% has been reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Investors.
The price band has been fixed at ₹549– ₹577 per share, while the lot size is set at 25 shares, requiring a minimum investment of ₹14,425 for retail investors. The mainboard IPO is proposed to list on both the NSE and BSE, tentatively on Friday, November 21.
JM Financial Ltd is the book running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar of the issue.
Capillary Technologies IPO: Key points you should know
About the Company: Capillary Technologies is a software company that provides artificial intelligence (AI)-driven, cloud-native Software-as-a-Service (SaaS) products and solutions, primarily aimed at enterprise customers worldwide, to help foster loyalty among their consumers and channel partners.
The company is among the few players in the loyalty management sector offering comprehensive, end-to-end loyalty solutions.
Product Offerings: Capillary’s diverse suite of products includes an advanced loyalty management platform (Loyalty+), a connected engagement platform (Engage+), a predictive analytics platform (Insights+), a rewards management platform (Rewards+), and a customer data platform (CDP). Together, these solutions enable clients to design and manage complete loyalty programs, gain deep consumer insights, and execute unified, cross-channel strategies that deliver a real-time, personalized, and consistent omni-channel customer experience.
Key Clients: Some of Capillary’s notable clients include Tata Digital, ABFRL, Domino’s Pizza Indonesia, PT Blue Bird Tbk, Aditya Birla Fashion Limited, Arvind Fashions Limited, Metro Brands Limited, Puma Sports India Private Limited, Vishal Mega Mart, and InterGlobe Aviation Limited.
As of September 30, 2025, and March 31 of 2025, 2024, and 2023, the company served 110, 98, 111, and 112 customers and 413, 393, 398, and 339 brands, respectively.
New Verticals Boost Revenue Contribution: Over the past three fiscals, the company has diversified into new verticals such as healthcare, CPG, and BFSI, adding clients like an American healthcare firm, Polycab India, and a European bank. Revenue contribution from these segments rose sharply from 16.65% in FY23 to 46.48% in FY25 before moderating to 42.01% in H1 FY26.
The Loyalty Market: According to the company’s RHP, citing a Zinnov Report, the total addressable market (TAM) size for loyalty management is estimated to be USD 16.6 billion in fiscal 2024 and is expected to reach USD 26.8 billion by fiscal 2029, projecting a growth rate of 10%. All regions across the globe are expected to register growth of more than 5% between 2024 and 2029, with the Asia-Pacific region projected to grow at a significant rate of 18.7% during the same period.
Growth Path: The company’s growth strategy focuses on three key areas: maximizing organic growth by improving Net Revenue Retention (NRR) through a ‘land and expand’ approach, acquiring new customers, and pursuing inorganic growth via integration of complementary technologies and entry into new customer segments.
Financials: For the financial year ended March 31, 2025, the company reported a total income of ₹611.87 crore, up from ₹535.44 crore in FY24 and ₹266.25 crore in FY23, reflecting consistent revenue growth over the years. EBITDA stood at ₹78.57 crore in FY25, marking a significant recovery from a negative ₹1.49 crore in FY24 and a ₹58.34 crore loss in FY23.
The company also reported a sharp turnaround in profitability, posting a net profit of ₹14.15 crore in FY25, compared to a net loss of ₹68.35 crore in FY24 and ₹88.56 crore in FY23.
Allotment and Listing Details: In other issue details, the Capillary Technologies IPO allotment of shares is expected to be finalized on Wednesday, November 19. The company will initiate refunds on Wednesday, November 20, and the shares will be credited to the demat accounts of allottees on the same day following refunds.
Objectives of the Issue: The company plans to utilize the proceeds from the issue to fund its cloud infrastructure costs, invest in research, design, and development of its products and platforms, and purchase computer systems to support business operations. Additionally, a portion of the funds will be allocated toward inorganic growth through potential acquisitions and for general corporate purposes.
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