[Update] Capillary Technologies IPO: Issue Subscribed 28% On Day 1

Update | November 14, 19:25 IST

Capillary Technologies’ IPO saw steady demand and was subscribed 28% on the first day of bidding. The public issue received bids for 23.68 Lakh shares against 83.83 Lakh shares on offer. 

Retail investors bid for 3.97 Lakh shares against 15.17 Lakh shares reserved for them. This translated to a 26% subscription of their quota. 

Non-institutional investors placed bids for 6.37 Lakh shares against 22.76 Lakh shares earmarked for them, translating to 28% subscription. 

Meanwhile, the portion reserved for qualified institutional buyers was subscribed 29%, getting bids for 12.99 Lakh shares against 45.52 Lakh shares on offer. 

Capillary’s employees bid for 33,050 shares against 38,095 shares reserved for them. 

Original | November 14, 13:27 IST

Bengaluru-based SaaS company Capillary Technologies’ IPO saw a muted start on day one, with the issue subscribed 10% by 13:10 IST. The public issue received bids for 8.85 Lakh shares against 83.83 Lakh shares available for subscription.

Non institutional investors (NIIs) led the early participation, placing the highest number of 6.08 Lakh bids against the 22.76 Lakh shares earmarked for them. These investors have subscribed their quota by 27%.

Following NIIs, retail investors (RIIs) placed the second highest bids for 2.56 Lakh shares against 15.17 Lakh reserved for them. This translated to a 17% subscription. Meanwhile, the employee reserve category was subscribed 55%, placing bids for 20,800 shares as against 38,095 shares reserved.

Meanwhile, qualified institutional buyers (QIBs) didn’t place any bids till the time of writing. 

A day ahead of opening the IPO, the SaaS major raised INR 393.9 Cr from anchor investors by allocating these investors 68.28 Lakh equity shares. Mutual funds like SBI, ICICI Prudential, Kotak, Axis, Aditya Birla Sun Life, Mirae Asset, have anchored Capillary Technologies IPO.

The public issue is expected to close on November 18 (Tuesday) and its shares are expected to list on the exchanges on Friday (November 18). The price band of the IPO was set at INR 549 to INR 577, valuing the company at  INR 4,576 Cr (about (about $515 Mn) at the upper end.

The IPO comprises a fresh issue of INR 345 Cr and an offer-for-sale (OFS) component of up to 92.29 Lakh shares. At INR 577 per share, the total size of the issue would be around INR 877 Cr.

Capillary Technologies intends to utilise the fresh capital raised from the IPO to fund its growth initiatives, repay debt obligations and strengthen its global AI-powered customer engagement platform. 

Meanwhile, promoter Capillary Technologies International Pte Ltd (CTIPL) and investor Trudy Holdings plan on offloading part of their stake via the OFS component. 

Notably,  the SaaS company cut its IPO size from a proposed fresh issue of up to INR 430 Cr and an OFS component of up to 1.83 Cr shares, as per its DRHP. Ronal Holdings, Filter Capital India, among other investors, cancelled their plans to offload shares.

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

On the financial front, Capillary reported a net profit of INR 13.3 Cr in FY25, reversing a loss of INR 59.4 Cr in the previous fiscal, while its operating revenue grew 14% YoY to INR 598.3 Cr. In H1 FY26, it recorded a net profit of INR 1 Cr as against a loss of INR 6.8 Cr incurred in the year-ago period, with operating revenue rising 25% YoY to INR 359.2 Cr.