Capillary IPO: Issue Oversubscribed 5.1X On Day 3 So Far

SUMMARY

The company’s IPO ended the final day of bidding with bids for 44.38 Cr shares against 83.83 Lakh shares on offer

While non institutional investors (NIIs) oversubscribed their quota the most by 69.84X, qualified institutional buyers (QIBs) oversubscribed their quota by 57.27X

While the tentative date for allotment is set for Thursday, the company is expected to make its public markets debut on Friday (November 21)

Update | November 18, 20:28 IST

Capillary Technologies closed its IPO with hefty investor interest, ending with an oversubscription of 52.95X. The company’s IPO ended the final day of bidding with bids for 44.38 Cr shares against 83.83 Lakh shares on offer.

Non institutional investors (NIIs) oversubscribed their quota the most by 69.84X. These investors placed bids for 15.90 Cr shares against 22.76 Lakh shares reserved for them.

Within this category, NIIs bidding for shares worth in a range of INR 2- 10 Lakh oversubscribed their quota by 38.71X, while NIIs whose bid amount was over INR 10 Lakh oversubscribed their quota by 85.4X.

Following NII, qualified institutional buyers (QIBs) oversubscribed their quota by 57.27X, bidding for 26.06 Cr shares against the 45.52 Lakh shares earmarked for them.

Meanwhile, the retail investor portion was oversubscribed 15.82X. These investors placed bids for 2.4 Cr shares against the 15.17 Lakh shares reserved for them. The employee portion saw an oversubscription of 6.88X, with employees bidding for 2.62 Lakh shares against the 38,095 reserved for them.

Original | November 18, 13:34 IST

Capillary Technologies’ IPO has been fully subscribed during the early hours of its final day. As of 13:21 IST, the issue has received bids for 4.28 Cr shares against the 83.83 Lakh equity shares open for subscription, translating to an oversubscription of 5.1X.

Non institutional investors (NIIs) were the most bullish on the company’s public issue, oversubscribing their quota by 11.07X. These investors have placed bids for 2.52 Cr shares against the 22.76 Lakh equity shares available for subscription.

Qualified institutional buyers (QIBs) have placed the second highest bids as of now, oversubscribing their quota by 2.65X. These investors have placed bids for 1.21Cr shares against the 45.52 Lakh shares reserved for them.

Following QIBs, retail investors (RIIs) have placed 53.49 Lakh shares against the 15.17 Lakh equity shares reserved for them, translating to an oversubscription of 3.52X. Meanwhile, the company’s employees have also been optimistic for the public issue, oversubscribing their quota by 3.41X. Employees have placed bids for 1.30 Lakh equity shares against the 38,095 shares earmarked for them.

The SaaS major has set a price band of INR 549 to INR 577 per share for its public issue. With the lot size being set at 25 equity shares, the minimum investment required for subscription to the IPO is INR 14,425 at the upper end of the price band. Investors can apply for a maximum of 13 lots, requiring an investment of INR 1.9 Lakh.

While the tentative date for allotment is set for Thursday, the company is expected to make its public markets debut on Friday (November 21). Ahead of the IPO, the company’s grey market price stood at INR 27, indicating a strong listing.

At the upper end, the company is targeting a valuation of INR 4,576 Cr (about $515 Mn). The INR 877 Cr IPO comprises a fresh issue of INR 345 Cr and an offer-for-sale (OFS) of up to 92.29 lakh shares at the upper end of the price band.

Capillary plans to deploy the proceeds from the fresh issue to support its growth initiatives, reduce debt, and further strengthen its global AI-powered customer engagement platform. Meanwhile, promoter Capillary Technologies International Pte Ltd (CTIPL) and investor Trudy Holdings will offload part of their stakes through the OFS.

Ahead of the IPO, Capillary raised INR 393.9 Cr from anchor investors like SBI, ICICI Prudential, Kotak, Axis, Aditya Birla Sun Life, Mirae Asset, Edelweiss, PGIM India, and Union Mutual Fund, Amundi Funds, Matthews India Fund, among others.

Notably, the SaaS company trimmed its IPO size from a proposed fresh issue of INR 430 Cr and an OFS of up to 1.83 Cr shares, as initially outlined in its DRHP.

Investors including Ronal Holdings and Filter Capital India withdrew their plans to sell shares.

Founded in 2008 by Aneesh Reddy, Capillary Technologies provides AI-driven, cloud-native software for customer engagement and loyalty management. Its product suite includes Loyalty+, Engage+, Insights+, Rewards+, and CDP enables brands to run data-led loyalty programmes and deliver personalised experiences in real time. The company claims to serve over 410 brands across 47 countries.

On the financial front, the company reported a net profit of INR 13.3 Cr in FY25, marking a turnaround from a loss of INR 59.4 Cr in the previous fiscal year, while operating revenue grew 14% YoY to INR 598.3 Cr. In H1 FY26, Capillary recorded a net profit of INR 1 Cr, compared to a loss of INR 6.8 Cr in the same period last year, with operating revenue rising 25% YoY to INR 359.2 Cr.