Capillary Technologies India IPO

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Capillary Technologies India IPO

IT - Software
open
₹13,725Min. investment
  1. Pre-apply
    13 Nov
  2. Bid start
    14 Nov
  3. Bid end
    18 Nov
  4. Allotment
    19 Nov
  5. Release of funds
    20 Nov
  6. Demat transfer
    20 Nov
  7. Listing
    21 Nov

About Capillary Technologies India Limited

SectorIT - Software
Price range₹549 – ₹577
IPO type
Regular
Lot size25 shares
Issue size₹877Cr
Red Herring Prospectus
Read
RevenueApr 2024 - Mar 2025
₹598.25CrLower than sector avg
Growth rate3Y CAGR
75.37%Higher than sector avg

Capillary Technologies India Limited IPO Overview

Capillary Technologies India Limited IPO date

Capillary Technologies India Limited IPO will open for subscription on November 14, 2025, and the closing date for the IPO is November 18, 2025. After this, investors are expected to be updated about the allotment status on November 19, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on November 20, 2025. The shares will be listed on the NSE and the BSE on Friday, November 21, 2025.

Capillary Technologies India Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹549 to ₹577 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹345 crore and an offer for sale of ₹532.50 crore. Capillary Technologies India IPO listing price will be determined on November 21, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Capillary Technologies India Limited IPO lot size

The IPO details of Capillary Technologies India have been announced. The minimum lot size for an application is 25 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹877.50 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
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Risk analysis
Debt to Equity ratio
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹598.25Cr
This sector
₹2,461.47Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
75.37%
This sector
0.05%
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
318.78
This sector
148.01
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.18
This sector
0.31
Compare with companies

Objectives

Cloud infrastructure costs
41.45%
General corporate purposes
34.81%
Investment in development of products and platform
20.75%
Purchase of computer systems
2.99%

Strength and Weakness

Market leader in AI-led loyalty solutions

The company is a trusted partner in the global loyalty management and CRM industry with a decade-long track record. Recognised as a leader and a strong performer by Forrester, Gartner, Everest, and Zinnov, it serves Fortune 500 clients across sectors. Its flagship AI-driven SaaS platforms, such as Loyalty+, Engage+, Insights+, and Rewards+, enable enterprises to run end-to-end loyalty programs with deep consumer analytics and engagement. The firm’s consumer base has grown to 1.82 billion users as of September 2025, highlighting its scale and reliability.

Scalable, cloud native infrastructure

Built on a cloud-based, API-first architecture, the company’s platform processes up to 0.16 million loyalty transactions per hour and 15.67 billion number of loyalty transactions have been processed as of September 2025. Its platform complies with global standards such as Service Organisation Control Type 2 (SOC2), Payment Card Industry Data Security Standard (PCI DSS).

Strong and diversified customer base

The company maintains long-term relationships with marquee brands such as Tata Digital, ABFRL, Puma, Dominos Indonesia, and InterGlobe Aviation, alongside 19 Global Fortune 500 companies. Revenue from enterprise clients accounted for over 98.23% of total operations as of September 2025. Net revenue retention stood at 115.42% for the same period, with churn contained at 9.64%, underscoring strong client stickiness and recurring growth potential.

AI-driven innovation

The firm’s AI suite, including Creatives Co-Pilot, Promotions Co-Pilot, and aiRA (AI Retail Assistant), enables real-time personalisation, predictive analytics, and campaign automation. These innovations strengthen customer engagement and create measurable ROI for clients. It also hosts events such as ‘Captivate’ to explore how digital innovation is reshaping customer loyalty management.

Proven acquisition integration

Through disciplined acquisitions, including Persuade Group, Brierley & Partners (B+P), Tenerity, and Kognitiv Group, the company has expanded into North America and Europe while enhancing its product suite. These integrations have driven cost synergies, higher margins, and regional diversification. Notably, B+P’s contribution margin rose to ₹31.43 crore (42.10%) in H1FY26 from 1.69% a year earlier, reflecting successful operational turnaround and profitability gains.

About Capillary Technologies India Limited

Capillary Technologies India is a software product company offering AI-based Software-as-aService (“SaaS”) products and solutions primarily to enterprise customers. As per the company, it is global leaders in loyalty and engagement management solutions. The company’s products and services assist clients in generating engagement, drive conversions and boost repeat sales.
Over the past decade, the company has established a strong foothold in the loyalty technology market, serving 19 Global Fortune 500 clients across sectors such as retail, BFSI, telecom, travel, auto, and healthcare. As of September 2025, it served 413 brands and hosted 1.82 billion consumers on its platform, up from 1.46 billion in September 2024 and 1.26 billion in March 2025. It services enterprise clients across 47 countries.
The company operates through a comprehensive suite of AI-driven products, such as Loyalty+, Engage+, Insights+, and Rewards+. Its Customer Data Platform (CDP) helps businesses handle omnichannel engagement, predictive analytics, and customised loyalty programs. The company has a diversified business vertical with 30.01% of revenue from the retail industry, 17.59% from healthcare, 16.23% from BSFI and other industries such as consumer packaged goods, travel, automobiles and hospitality, energy retail and more in H1FY26.
Capillary Technologies has 16 offices, including in key markets of India, the United States, the United Kingdom, Canada, the United Arab Emirates, Singapore, Indonesia, Vietnam and Malaysia as of September 2025.
The company's technology is built on a cloud-native, API-first architecture that ensures real-time scalability and seamless integration with clients' existing enterprise systems. As of September 2025, the platform processed 0.16 million loyalty transactions per hour, demonstrating its capacity to handle high-volume data operations. Furthermore, it conforms with global compliance standards that ensure data security across all markets, including SOC2, PCI DSS, and ISO 27001:2013. Over the last 3 years, the company has enhanced its AI capabilities by introducing Creatives Co-Pilot and Promotions Co-Pilot in FY24 to its solutions portfolio.
In the six months ending in September 2025, the company's Net Revenue Retention (NRR) was 115.42%, and its churn rate was 9.64%, indicating steady opportunities for upselling and cross-selling. The company has long-term relationships with an average length of over 2.5 years with its top 10 customers, as of September 30, 2025. Its clientele includes major players such as Tata Digital, ABFRL, Metro Brands, Puma, and Dominos Indonesia.
The company has strategically expanded through acquisitions and successfully integrated entities such as Persuade Group, Brierley & Partners and Kognitiv Group. It also developed a new product named Rewards+ by utilising the assets of the Digital Connect business that it acquired from Tenerity LLC in June 2023. These integrations have increased its presence across North America and Europe while improving contribution margins within acquired businesses.
With a projected growth rate of 10%, the total addressable market size for loyalty management is estimated to reach $26.8 billion by FY29. North America is predicted to grow at a rate of 5% between 2024 and 2029, while the Asia-Pacific region is predicted to grow at a significant 18.7% rate. The company derived 56.01% from North America and 24.99% of its revenue from the Asia-Pacific region, which enables it to capitalise on the rising demand.
The company intends to focus on its go-to-market strategy on new enterprise customers and on its existing enterprise customers, such as Tata Digital, ABFRL, and one of the UAE’s diversified conglomerates. It is also focus on expanding its presence in the United States and pursuing further acquisitions in North America and other Regions.
Now, Capillary Technologies India Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹345 crore and an offer for sale of ₹532.50 crore. The total issue size of the IPO is ₹877.50 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

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IPO REVIEW
Capillary Technologies India IPO
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IPO Subscription Status

Date
QIB
NII
Retail
Total
14-Nov-25
0.29 times (X)
0.28 times (X)
0.27 times (X)
0.28 times (X)

Latest News on IPO

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Capillary Technologies IPO: The initial share sale is a fresh issuance of ₹345 crore as well as an offer for sale of ₹532.50 crore by Capillary Technologies International Pte Ltd and Trudy Holdings.

2 min read

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Proceeds from Capillary Technologies' fresh issuance worth ₹120 crore will be utilised for funding the company's cloud infrastructure cost, ₹151.54 crore for investment in research, designing, and development of its products and platform. Furthermore, ₹10.32 crore will be used for investing in the purchase of computer systems for its business.

2 min read

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Elevation Capital, an early-stage venture capital firm, has appointed Krishna Mehra as a partner to lead SaaS and AI investments, strengthening its presence in the India-US corridor and commitment to Indian founders building global AI companies. Mehra brings extensive experience in AI-driven products and SaaS landscape from his previous stints at Meta, Cohesity, and Capillary Technologies.

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Capillary Technologies India IPO ?

The issue size of the Capillary Technologies India IPO is 877 Cr.

What is 'pre-apply' for Capillary Technologies India IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Capillary Technologies India IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Bidding closes on 18 Nov 2025, 5:00 PM