Capillary Technologies India Ltd IPO
IT - Software
Price Band
₹549 – ₹577
Lot Size
25
Minimum Bid Quantity
25
Minimum Investment
₹14425
Issue Size
₹877.5Cr
Opens
2025-11-14
Closes
2025-11-18
Listing
21-11-2025
Subscription Status
Qualified Institutional Buyers
56.7 x
Non-Institutional Investor
68.96 x
Retail Individual Investor
12.23 x
Employees
5.84 x
Total
51.75 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE0ILV01024
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Capillary Technologies is a software products company that develops artificial intelligence-based, cloud-native Software-as-a-Service (SaaS) solutions. Its offerings are primarily designed for enterprise customers across global markets to help them manage and enhance consumer and channel-partner loyalty. The company provides end-to-end loyalty and engagement management solutions through its suite of products, which includes the Loyalty+ platform for loyalty management, Engage+ for customer engagement, Insights+ for predictive analytics, Rewards+ for rewards management, and a customer data platform (CDP) that enables unified and cross-channel consumer insights. Capillary Technologies operates globally, with its headquarters in India and offices in the United States (US), the United Kingdom (UK), the United Arab Emirates (UAE), and several Asian countries. Use of proceeds: The IPO consists of both a fresh issue and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Funding their cloud infrastructure costs—Rs 143.00 crore. Investment in research, designing, and development of products and platforms—Rs 71.58 crore. Purchase of computer systems for the business—Rs 10.34 crore. Funding inorganic growth through unidentified acquisitions General corporate purposes.
Pros
- • Capillary Technologies claims to be a global leader in AI-led SaaS products for customer relationship and loyalty management. The company also claims to have strong client retention, with net revenue retention (NRR) rates exceeding 100 percent in recent fiscals and 1.82 billion consumers hosted on its platform as of September 30, 2025.
- • Capillary Technologies claims to offer a full-spectrum loyalty management platform designed to serve varied industries, including retail, financial services, energy, healthcare, and consumer goods. Its modular suite, comprising Loyalty+, Engage+, Insights+, Rewards+, and a customer data platform, supports multiple use cases such as coalition loyalty for retailers, fleet programs for energy companies, and card-linked offers for banks. The company also claims that its co-innovation model allows enterprises to customise and enhance loyalty programs through collaboration and real-time insights.
- • Capillary Technologies claims to operate on a scalable, cloud-native platform capable of processing large data volumes in real time while maintaining stability and speed. According to the Zinnov Report, the company’s infrastructure supports seamless API integration with enterprise systems and complies with standards such as SOC2, PCI DSS, and ISO 27001:2013. As of September 2025, it claims to have supported 413 brands and hosted 1.82 billion consumers, processing up to 0.18 million loyalty transactions per hour.
Cons
- • The top five customers accounted for Rs 138.65 crore (38.60 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 259.30 crore (43.35 percent) in FY25; Rs 160.46 crore (30.56 percent) in FY24; and Rs 93.06 crore (36.45 percent) in FY23. Furthermore, the top customer alone accounted for Rs 51.67 crore (14.38 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 98.93 crore (16.54 percent) in FY25; Rs 35.81 crore (6.82 percent) in FY24; and Rs 28.42 crore (11.13 percent) in FY23. Any failure to retain these key customers, a reduction in business volume, or adverse changes in their financial condition could affect the company’s business, cash flows, and financial condition.
- • The company derives a significant portion of its revenue from customers based in North America. North American customers accounted for Rs 201.22 crore (56.01 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 338.55 crore (56.59 percent) in FY25; Rs 252.50 crore (48.09 percent) in FY24; and Rs 51.08 crore (20.00 percent) in FY23. This concentration exposes it to region-specific risks such as economic slowdowns, inflationary pressures, regulatory changes, or political and social instability. Any adverse developments in North America could negatively affect customer spending, demand for the company’s services, and its overall business performance, financial condition, and cash flows.
- • Enterprise customers accounted for Rs 352.86 crore (98.23 percent) of the company’s revenue from operations for the period ended September 30, 2025; Rs 581.84 crore (97.26 percent) in FY25; Rs 512.56 crore (97.61 percent) in FY24; and Rs 234.30 crore (91.75 percent) in FY23. These customers may present additional risks as they come with higher expectations, longer sales cycles, and greater negotiation leverage. Any slowdown or loss of business from this segment can adversely affect the company’s financials.
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