Capillary Technologies IPO is a book-built issue consisting of a fresh issue of shares worth ₹345.00 crore and an offer for sale (OFS) of 0.92 crore shares.
The IPO will open for subscription on November 14, 2025, and close on November 18, 2025. The basis of allotment is expected to be finalised on November 19, 2025, with the shares proposed to be listed on the BSE and NSE on November 21, 2025.
JM Financial Ltd is acting as the book-running lead manager, while MUFG Intime India Pvt Ltd is serving as the registrar for the issue.
The price band and lot size details are yet to be announced.
Capillary Technologies IPO Objectives
The company plans to utilise the funds raised from the IPO for the following purposes:
- Funding its cloud infrastructure costs;
- Investing in research, design, and development of its products and platform;
- Investing in the purchase of computer systems for business operations; and
- Funding inorganic growth through potential acquisitions and for general corporate purposes.
About Capillary Technologies Limited
Capillary Technologies is a software product company that provides artificial intelligence (AI)-based, cloud-native Software-as-a-Service (SaaS) products and solutions.
The company primarily serves enterprise customers—defined as those contributing more than ₹4.00 million in revenue from operations in the six-month period ended September 30, 2025, and September 30, 2024, and ₹8.00 million in a fiscal year. Its offerings are designed to help clients strengthen consumer and channel partner loyalty on a global scale.
The company’s diversified product suite 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 products enable clients to execute end-to-end loyalty programs, gain a 360-degree view of their consumers, and implement unified, cross-channel strategies that offer real-time, personalised, and consistent customer experiences. These solutions are designed to drive consumer engagement, increase conversions, and enhance repeat sales.
Headquartered in India, Capillary Technologies has a strong global presence with offices in the United States, the United Kingdom, the United Arab Emirates, and several Asian countries. As of September 30, 2025, the company supports over 410 brands across 47 countries.
Its SaaS products enable customers to build stronger consumer relationships, reward their customers, and derive insights through its CDP. With extensive application programming interfaces (APIs), the company’s products integrate seamlessly with clients’ existing technology stacks, including ERP systems, POS systems, e-commerce platforms, and social media.
They also connect with third-party marketing, data, and analytics tools, offering scalability, architectural flexibility, and security that support integration with other platforms such as security systems, identity verification, access management, and data analytics.
Industry Outlook
- The global SaaS industry is expected to expand nearly 2.5 times between 2024 and 2029, driven by increasing adoption for digital transformation, scalability, and operational efficiency.
- The loyalty management market in EMEA alone is projected to grow from USD 4.6 billion in 2024 to USD 7.1 billion by 2029, reflecting an 8.5% CAGR fueled by AI adoption, data analytics, and higher spending on loyalty programs.
- Enterprise market growth potential remains strong across Asia-Pacific (18.7%), EMEA (8.5%), and North America (5.0%), indicating robust global demand for loyalty and engagement solutions.
How To Apply for the Capillary Technologies IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Capillary Technologies IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Capillary Technologies IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Capillary Technologies Limited
Registered office: #360 bearing PID No 101, 360, 15th Cross Rd, Sector 4, HSR Layout, Bengaluru 560 102, Karnataka, India
Phone: +91 80 4122 5179
E-mail: investorrelations@capillarytech.com
Capillary Technologies IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
Capillary Technologies IPO Promoter Holding
Capillary Technologies International Pte Ltd and Aneesh Reddy Boddu are the company promoters.
| Share Holding Pre-Issue | 67.90% |
| Share Holding Post Issue  | NA |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Capillary Technologies IPO
| KPI | Value (FY25) |
Net Revenue Growth (%) | 23.76 |
EBITDA Margin (%)  | 13.13 |
| RoNW (%) | 2.85 |
| PAT Margin (%) | 2.37 |
Capillary Technologies IPO Prospectus
Capillary Technologies IPO Registrar and Lead Managers
Capillary Technologies IPO Lead Managers
- JM Financial Ltd
- IIFL Capital Services Ltd
- Nomura Financial Advisory & Securities (India) Pvt Ltd
Registrar for Capillary Technologies IPO
MUFG Intime India Pvt Ltd
- Phone: +91-22-4918 6270
- Email: ipo@in.mpms.m
- Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Financial Performance of Capillary Technologies Limited
| Particulars | FY25 (₹ million) | FY24 (₹ million) | FY23 (₹ million) |
| Revenue from Operations | 5,982.59 | 5,251.00 | 2,553.72 |
| EBITDA | 785.73 | (14.91) | (583.39) |
| Profit / (Loss) After Tax (PAT) | 141.54 | (683.51) | (885.56) |
| PAT Margin (%) | 2.37% | (13.02%) | (34.68%) |
Capillary Technologies Limited Peer Comparison
| Company | Revenue from Operations for FY 2025 (₹ million) | Basic EPS (₹) | Return on Net Worth (%) |
| Capillary Technologies (Our Company) | 5,982.59 | 1.93 | 2.85% |
| Salesforce, Inc. | 3,182,153.41 | 540.79 | 10.26% |
| Adobe Inc. | 1,796,333.97 | 1,038.29 | 36.74% |
| HubSpot, Inc. | 219,869.21 | 7.53 | 0.29% |
| Braze, Inc. | 49,830.36 | (85.65) | (22.58)% |
Strengths and Opportunities of Capillary Technologies Limited
- Capillary Technologies offers an advanced AI-driven SaaS platform for CRM and loyalty management, making it a trusted global provider.
- It provides end-to-end loyalty management solutions that serve multiple industries and diverse business needs.
- Its scalable, cloud-based infrastructure enables real-time data processing and seamless integration with client systems.
- The company has a global footprint, serving 413 brands across 47 countries as of September 30, 2025.
- The consumer base on its platform has grown steadily to 1.82 billion in 2025 from 0.97 billion in 2023.
Risks and Threats of Capillary Technologies Limited
- A large portion of revenue depends on a few key clients, with the top 10 customers contributing over 55% of total revenue in FY25.
- Heavy reliance on North American customers exposes the company to regional economic and political risks.
- Difficulty in acquiring new customers cost-effectively could limit revenue growth and profitability.
- Failure to innovate or develop new products on time may weaken competitiveness and customer satisfaction.
- The company has incurred losses in previous years and may continue to face financial challenges in the future.
