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Capillary Technologies India IPO
52.66xsubscribed

Capillary Technologies India IPO

IT - Software
listed
₹13,725Min. investment

Capillary Technologies India Limited IPO Details

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 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)
17-Nov-25
0.31X
0.55X
1.07X
0.52X
18-Nov-25
35.53X
68.86X
14.71X
52.66X

As on 14-Nov-25, 5:30 PM

Capillary Technologies India IPO Timeline

  1. Pre-apply
    13 Nov 2025
  2. Bid start
    14 Nov 2025
  3. Bid end
    18 Nov 2025
  4. Allotment
    19 Nov 2025
  5. Release of funds
    20 Nov 2025
  6. Demat transfer
    20 Nov 2025
  7. Listing
    21 Nov 2025

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.

Capillary Technologies India Limited IPO Analysis

IPO REVIEW

Capillary Technologies India IPO | Analysis Video

Should you apply?

Watch our analysts break down the Capillary Technologies India Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

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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.

Objectives of Capillary Technologies India Limited IPO

Cloud infrastructure costs
41.45%
The company will use ₹143 crore towards funding its cloud infrastructure costs.
General corporate purposes
34.81%
Proceeds will fund general corporate needs and unspecific acquisitions.
Investment in development of products and platform
20.75%
₹71.58 crore will be invested in product and platform research, design, and development.
Purchase of computer systems
2.99%
The company will use ₹10.34 crore to purchase computer systems for the business.

Compare

CompanyRevenue*3Y growthP/E ratioD/E ratio
This IPO₹598.25Cr75.37%318.780.18
This sector (avg.)₹2,461.47Cr0.05%148.010.31
₹2,55,324Cr---23.690.10
₹1,62,990Cr---24.310.09
₹1,17,055Cr---27.940.09

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Capillary Technologies India IPO Contact Details

Company NameCapillary Technologies India Limited

How to apply for Capillary Technologies India IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Capillary Technologies India Limited IPO FAQs

Investors can apply for the Capillary Technologies India IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Capillary Technologies India IPO is 877 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Capillary Technologies India IPO will be open between 2025-11-14 and 2025-11-18.
Capillary Technologies India IPO allotment date is 2025-11-20. For Capillary Technologies India IPO allotment status check, you can visit the website of the registrar of the IPO.
For Capillary Technologies India IPO, the IPO registrar is MUFG Intime India Private Limited. You can check Capillary Technologies India IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Capillary Technologies India IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Capillary Technologies India IPO lot size is 25 and minimum order quantity is 25.
Capillary Technologies India IPO has set the price band for its IPO at 577 per equity share with a face value of 2.