Updated on 12.11.2025 @ 12:02 AM
Capillary Technologies India Limited is set to launch its mainboard Initial Public Offering (IPO) on November 14, 2025.
The company plans to raise up to ₹877.50 crores through a mix of a fresh issue and a significant Offer for Sale (OFS).
The price band has been fixed at ₹549 to ₹577 per share, with a lot size of 25 shares.
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The IPO presents a classic new-age tech story: a company that has recently turned the corner to profitability after a history of losses, but is asking for an exceptionally high valuation. The Grey Market Premium (GMP) is yet to commence trading.
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In this article, you will find Capillary Technologies IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Capillary Technologies IPO Details
- Price Band: ₹549 – ₹577 per share
- IPO Open / Close Dates: November 14, 2025 – November 18, 2025
- Lot Size: 25 Shares
- Issue Size: ₹877.50 Crores (Fresh Issue of ₹345 Cr + OFS of ₹532.50 Cr)
- Fresh Issue / OFS: Both
- Registrar: MUFG Intime India Pvt.Ltd.
- Listing Exchange: BSE & NSE
Check here updated: Capillary Technologies India Limited IPO Subscription Status – Day 1, Day 2 & Day 3
What is The Capillary Technologies IPO GMP Today?
- Note: The shares of Capillary Technologies are not currently trading in the grey market. The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment and typically becomes active closer to the IPO opening date.
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What Are The Capillary Technologies IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 14, 2025 – November 18, 2025
- Basis of Allotment Date: November 19, 2025
- Refund Initiation Date: November 20, 2025
- Credit of Shares: November 20, 2025
- Listing Date: November 21, 2025
What Are The Objectives of Capillary Technologies IPO?
The company intends to utilise the net proceeds from the public offering for the following key purposes:
- Fresh Issue: The proceeds from the fresh issue (₹345 crores) are earmarked for funding inorganic growth through unidentified acquisitions and for general corporate purposes. This signals an aggressive growth strategy focused on buying out other companies.
- Offer for Sale: The majority of the IPO proceeds (₹532.50 crores) will go directly to the selling shareholders, including the promoter entity, and will not be received by the company for its growth.
For a comprehensive list of GMP updates and trends for all IPOs, visit our Grey Market Premium Hub
How is The Financial Performance of Capillary Technologies?
(Amounts in ₹ Crores)
Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Assets | 892.33 | 838.65 | 871.07 | 466.41 |
Total Income | 362.56 | 611.87 | 535.44 | 266.25 |
Profit After Tax | 1.03 | 14.15 | -68.35 | -88.56 |
Reserves and Surplus | 149.34 | 170.26 | 30.89 | 31.99 |
Total Borrowing | 88.94 | 100.09 | 77.17 | 147.47 |
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Capillary Technologies' financials tell a story of a recent and dramatic turnaround. After posting significant losses in FY23 and FY24, the company has successfully pivoted to a small profit of ₹14.15 crores in FY25.
This positive momentum has continued into the current fiscal year. While the revenue growth has been strong, the key story for investors is this shift to profitability.
However, the IPO valuation seems to be pricing in this turnaround and much more.
Source: SEBI
Based on its FY25 earnings, the IPO is being offered at a staggering P/E multiple of nearly 300x.
Industry Outlook
- Capillary Technologies is a leader in the global loyalty management and CRM software market.
- It provides the digital backbone for brands to run their customer loyalty programs, from earning points to sending personalised offers.
- This is a high-growth industry, as businesses worldwide are spending more on technology to retain customers.
- As a cloud-native SaaS player with a strong global footprint, Capillary is well-positioned to benefit from this long-term trend.
What Are The Strengths and Risks of Capillary Technologies IPO?
Strengths:
- Market Leader in a Niche Tech Space: Recognized as a leader in the global loyalty solutions industry.
- Successful Turnaround to Profitability: The recent shift from losses to profit is a major positive indicator for its business model.
- High Customer Stickiness: The company boasts low customer churn rates, indicating a sticky and reliable revenue base.
- Proven Acquisition Strategy: A track record of successful acquisitions to expand its global presence, particularly in the US.
Risks:
- Astronomical Valuation: This is the single biggest red flag. At a P/E of nearly 300x, the valuation is extremely demanding and leaves absolutely no room for error post-listing.
- History of Losses: The turnaround is very recent. The company has a long history of burning cash and posting losses, which may not be fully behind it.
- Large Offer for Sale (OFS): The fact that the OFS is larger than the fresh issue suggests that providing an exit to existing investors is a primary motive for the IPO.
- Doesn't Meet Standard IPO Norms: The company is listing under a special provision (Regulation 6(2)) because it doesn't meet standard profitability criteria, forcing a 75% allocation to institutional investors and leaving only 10% for retail.
What Are The Expert Recommendations – Should You Apply?
High Risk / Avoid
The Capillary Technologies IPO is a classic case of a promising tech business coming to the market at a price that is disconnected from its current financial reality.
- For Risk-Averse Investors: AVOID. This is a clear avoid. The sky-high valuation, history of losses, and the large OFS are all major red flags for any conservative investor.
- For Aggressive Investors: This is a bet that the company will grow at a phenomenal rate for many years to justify today's price. The risk of capital loss is very high if the company fails to meet these lofty expectations.
- Our View: The business is good, but the price is not. The valuation is simply too high, leaving no margin of safety and very little on the table for new investors. We recommend that investors avoid this IPO.
Key Takeaways
- IPO Price Band: ₹549 – ₹577 per share
- Lot Size: 25 Shares (Minimum Investment: ₹14,425)
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on November 21, 2025.
- Recommendations of experts: A high-risk issue. Best to avoid due to an extremely demanding valuation that is not supported by the company's current profitability.
FAQs on Capillary Technologies IPO
What is Capillary Technologies IPO price band?
The price band for the IPO is set at ₹549 to ₹577 per equity share.
What is Capillary Technologies IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Wednesday, November 19, 2025.
How to check Capillary Technologies IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Capillary Technologies IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE and NSE on Friday, November 21, 2025.
Should I apply for Capillary Technologies IPO?
This is a high-risk proposition. Given the extremely high valuation that is not justified by its recent, small profit, it is advisable for most retail investors to avoid this IPO.
IPO Disclaimer:
The information provided on this page is for educational and informational purposes only and should not be considered as financial or investment advice. Investing in an IPO involves risk, and past performance is not indicative of future results. Readers should conduct their own research or consult with a licensed financial advisor before making any investment decisions. MrMoneyFrugal.com or its authors are not responsible for any gains or losses resulting from investments in IPOs.
