Capillary Technologies India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 21 Nov 2025 | ₹55 | +9.53% | ₹1,000 | ₹632 | ₹1,375 |
| 20 Nov 2025 | ₹53 | +9.19% | ₹1,000 | ₹630 | ₹1,325 |
| 19 Nov 2025 | ₹55 | +9.53% | ₹1,000 | ₹632 | ₹1,375 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 14 Nov 2025 – 18 Nov 2025
- Listing date
- 21 Nov 2025
- Face value
- ₹2 per share
- Issue price
- ₹577 per share
- Lot size
- 25 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹878 Cr
- Market cap at offer price
- ₹4,576 Cr
- Promoter holding
- 67.95% → 52.05% pre-issue → post-issue
- ISIN
- INE0ILV01024
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- #360 bearing PID No 101, 360, 15th Cross Rd, Sector 4, HSR Layout, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 68,28,001 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 25 shares per lot, in multiples, at ₹577
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,425 |
| Retail (max) | 13 | 325 | ₹1,87,525 |
| S-HNI (min) | 14 | 350 | ₹2,01,950 |
| S-HNI (max) | 69 | 1,725 | ₹9,95,325 |
| B-HNI (min) | 70 | 1,750 | ₹10,09,750 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹577 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.93 | 0.26 |
| P/E (×) | 298.96 | 2219.23 |
| Price to book (×) | 8.87 | — |
| Market cap | — | ₹4,576 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 2.85%
- ROCE
- 2.76%
- Debt / equity
- 0.18
- PAT margin
- 2.37%
- EBITDA margin
- 13.13%
- NAV per share
- ₹65.03
- Price to book
- 8.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Capillary Technologies India
Capillary Technologies India Limited was originally incorporated on March 15, 2012 as 'Kharagpur Technologies Private Limited' in Karnataka, renamed Capillary Technologies India Private Limited in July 2012, and converted to a public limited company in November 2021. Headquartered in HSR Layout, Bengaluru, it is an AI-powered cloud-native Software-as-a-Service (SaaS) company whose diversified suite — Loyalty+ (advanced loyalty management platform), Engage+ (connected engagement platform), Insights+ (predictive analytics), Rewards+ (rewards management platform) and a customer data platform — allows customers to run end-to-end loyalty programs and deliver real-time omni-channel, personalized consumer experiences. It serves Enterprise Customers globally across verticals such as retail, healthcare, BFSI and telecommunications, CPG, travel/automobile/hospitality and energy retail, operating in 47 countries as of September 30, 2025, with 110 customers, 413 brands, 737 employees, 1.82 billion consumers on platform and 15.67 billion transactions processed in the six months ended September 30, 2025 (ARR ₹7,200.72 million). The company has grown through acquisitions including the Persuade Group (2021), Brierley & Partners/Capillary Brierley and Brierley Europe (2023), Tenerity LLC's Digital Connect assets used to build Rewards+ (2023) and Kognitiv (May 2025). It earns revenue mainly from subscriptions/retainership priced on loyalty transactions, members and stores, plus per-message campaign fees and setup/installation charges, with Enterprise Customers contributing 98.23% of revenue from operations in the six months ended September 30, 2025; Fiscal 2025 revenue from operations was ₹5,982.59 million with restated profit of ₹132.80 million, and North America accounted for 56.59% of Fiscal 2025 revenue.
Company Analysis
from RHPCapillary Technologies India Limited is a software product company offering artificial intelligence-based, cloud-native SaaS products — Loyalty+, Engage+, Insights+, Rewards+ and a customer data platform — that enable enterprises worldwide to run end-to-end customer loyalty and engagement programs.
Capillary Technologies India Limited was originally incorporated on March 15, 2012 as 'Kharagpur Technologies Private Limited' in Karnataka, renamed Capillary Technologies India Private Limited in July 2012, and converted to a public limited company in November 2021. Headquartered in HSR Layout, Bengaluru, it is an AI-powered cloud-native Software-as-a-Service (SaaS) company whose diversified suite — Loyalty+ (advanced loyalty management platform), Engage+ (connected engagement platform), Insights+ (predictive analytics), Rewards+ (rewards management platform) and a customer data platform — allows customers to run end-to-end loyalty programs and deliver real-time omni-channel, personalized consumer experiences. It serves Enterprise Customers globally across verticals such as retail, healthcare, BFSI and telecommunications, CPG, travel/automobile/hospitality and energy retail, operating in 47 countries as of September 30, 2025, with 110 customers, 413 brands, 737 employees, 1.82 billion consumers on platform and 15.67 billion transactions processed in the six months ended September 30, 2025 (ARR ₹7,200.72 million). The company has grown through acquisitions including the Persuade Group (2021), Brierley & Partners/Capillary Brierley and Brierley Europe (2023), Tenerity LLC's Digital Connect assets used to build Rewards+ (2023) and Kognitiv (May 2025). It earns revenue mainly from subscriptions/retainership priced on loyalty transactions, members and stores, plus per-message campaign fees and setup/installation charges, with Enterprise Customers contributing 98.23% of revenue from operations in the six months ended September 30, 2025; Fiscal 2025 revenue from operations was ₹5,982.59 million with restated profit of ₹132.80 million, and North America accounted for 56.59% of Fiscal 2025 revenue.
Objects of the Issue
- Funding our cloud infrastructure cost ₹1,430.00 million p.27
- Investment in research, designing and development of our products and platform ₹715.81 million p.27
- Investment in purchase of computer systems for our business ₹103.42 million p.27
- Funding inorganic growth through unidentified acquisitions and general corporate purposes (to be finalised upon determination of the Offer Price; aggregate capped at 35% of Gross Proceeds, with general corporate purposes or unidentified acquisitions each capped at 25% of Gross Proceeds) p.27
Issue Structure
- Total Issue
- Up to [●] equity shares of face value ₹2 each aggregating up to ₹[●] million
- Fresh Issue
- Fresh issue of up to [●] equity shares of face value ₹2 each aggregating up to ₹3,450.00 million
- Offer for Sale
- Offer for sale of up to 9,228,796 equity shares of face value ₹2 each aggregating up to ₹[●] million by the Selling Shareholders (CTIPL up to 8,540,738 shares; Trudy Holdings up to 688,058 shares)
- Face Value
- ₹2 each
Business Model
Primarily recurring SaaS subscription/retainership revenue, priced on the number of loyalty transactions processed annually, active loyalty members on the platform and number of stores using the platform (Rewards+ subscriptions depend on the type and volume of offers redeemed); campaign fees charged per message (text, email or ad-words) sent from the platform; and setup revenue charged for integration/configuration to take a customer live. In Fiscal 2025 the campaign services model changed to an agent basis, with campaign revenue recorded net of campaign service costs. Enterprise Customers contributed 98.23% of revenue from operations in the six months ended September 30, 2025.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Capillary Technologies International Pte. Ltd. (CTIPL) | Promoter (also Promoter Selling Shareholder) | 65.47% | — |
| Aneesh Reddy Boddu | Promoter (Founder, Managing Director & CEO) | 2.36% | — |
| Mohan Boddu Reddy | Promoter Group (other than Promoters) | 0.07% | — |
| Aditya Reddy Boddu | Promoter Group (other than Promoters) | 0.03% | — |
| Pavani Pulla Reddy | Promoter Group (other than Promoters) | 0.02% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.