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CAPILLARY TECHNOLOGIES INDIA LTD IPO: 2025 – FULL DETAILED REPORT

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Capillary Technologies India IPO

Capillary Technologies India IPO| Capillary Technologies IPO| Capillary Tech IPO review| Capillary Technologies India Ltd IPO details| Capillary IPO GMP| Capillary IPO listing prediction| Capillary IPO analysis| Capillary SaaS IPO

🔷 1. Company Overview

Capillary Technologies India Ltd is a Bengaluru-based SaaS (Software-as-a-Service) company specialising in AI-powered customer loyalty, engagement, marketing automation and CRM solutions.

The company serves 400+ enterprise brands across 47 countries, including sectors like retail, BFSI, FMCG, hospitality and consumer electronics.

Its core platforms include:

  • AI-driven Loyalty & Rewards Engine
  • Omnichannel Customer Engagement
  • Predictive Data Analytics
  • Cloud-native Marketing Automation Tools

Capillary is backed by marquee investors such as Warburg Pincus, Sequoia Capital and Norwest Venture Partners, with strong global operations in North America, MEA and APAC.

🔷 2. IPO Summary

Total Issue Size: ~₹877.50 crore
Price Band: ₹549 – ₹577
Issue Type: Book-Built
Face Value: ₹2 per share
Market Lot: 25 shares
Minimum Investment (Retail): ₹14,425 at upper band
Issue Opens: 14 November 2025
Issue Closes: 18 November 2025
Tentative Listing: 21 November 2025
Exchange: NSE & BSE
Reservation:

  • QIB – 75%
  • NII – 15%
  • Retail – 10%

Go through this also:

Issue Breakup:

  • Fresh Issue: ₹345 crore
  • OFS: ₹532.5 crore (by existing shareholders)

🔷 3. Purpose of the Issue (Use of Funds)

The company will utilise the Fresh Issue proceeds for:

✔️ Cloud Infrastructure & Data Costs

Approx ₹120–143 crore will be spent on server expansion, cloud optimization and AI compute capacity.

✔️ Research & Development (Product Upgrades)

Approx ₹72–152 crore dedicated to enhancing AI-driven customer engagement tools and expanding the product suite.

✔️ Technology & Hardware

Approx ₹10 crore for new computer systems and internal tech upgrades.

✔️ Inorganic Growth

Part of funds allocated for selective acquisitions to strengthen its global customer engagement portfolio.

✔️ General Corporate Purposes

Operational expansion, hiring, tech partnerships and global scaling.

🔷 4. Business Strengths

⭐ 1. Strong Global Presence

Over 56% revenue comes from North America, showing high enterprise adoption worldwide.

⭐ 2. Scalable SaaS Model

High client stickiness, recurring revenues and multi-year contracts.

⭐ 3. Cross-Industry Penetration

Retail, BFSI, telecom, hospitality and fashion brands widely use Capillary’s loyalty & engagement platforms.

⭐ 4. AI & Data-Driven Products

Capillary has strong positioning in AI-based loyalty analytics, increasing switching barriers for customers.

⭐ 5. Improved Profitability

  • FY25 Revenue: ~₹598 crore (up ~14%)
  • FY25 Profit: ~₹14 crore (vs. loss earlier)

Profit turnaround strengthens listing confidence.

🔷 5. Key Risks

⚠️ High Customer Concentration

Top 5 clients contribute ~43% of revenue — loss of one major client may impact financials.

⚠️ Intense Competition

SaaS loyalty space includes global players like Salesforce, Adobe, Oracle, Braze, MoEngage, CleverTap.

⚠️ Global Economic Sensitivity

Company’s overseas revenues are impacted by US/Europe economic cycles and FX fluctuations.

⚠️ High Reliance on Cloud & Tech Costs

Cloud and data expenses remain structurally high.

🔷 6. Financial Performance Snapshot

YearRevenueProfit / (Loss)
FY23~₹480 cr-₹39 cr
FY24~₹525 cr-₹8 cr
FY25~₹598 cr₹14 cr profit

The company shows clear turnaround from losses to profitability.

🔷 7. Valuation & Peer Comparison

At upper band (₹577):

  • Market Cap: ~₹4,576 crore
  • Valuation: ~7.6x FY25 Sales
  • Category: High-growth SaaS, premium valuation justified if global expansion continues

Peers like:

  • RateGain
  • Tanla Platforms
  • Affle India
    trade at higher multiples during growth phases — giving comparative advantage.

🔷 8. Grey Market Premium (GMP)

As per internal market trackers
GMP Range: ₹80–₹95 (positive sentiment)
(You can update live later based on new trends)

🔷 9. Listing Gain Prediction

Based on:

  • Strong brand + global SaaS exposure
  • Profit turnaround + good subscription potential
  • High market interest in tech IPOs

Expected Listing Range:
👉 10% – 18% listing gain possible
(Sentiment-driven listing; sustained performance depends on quarterly numbers)

🔷 10. Subscription Expectation

High QIB interest expected due to scalable SaaS business model.

  • QIB: High
  • NII: Moderate to High
  • Retail: Moderate (10% quota only)

🔷 11. Market Impact & Trader Insight

Capillary Tech IPO may influence the broader IT & SaaS sector sentiment, especially mid-cap tech stocks.

Retail traders must track:

  • Subscription numbers daily
  • US tech index movement
  • Global cloud stock sentiment
  • R&D expenses vs margin improvement
  • North America revenue share sustainability

🔷 12. Should You Apply? (Retail Verdict)

Apply only for listing gains, if GMP stays above ₹80 up to listing.

For long-term investors:

  • Good for those bullish on SaaS, AI-based customer engagement, global tech expansion
  • Moderate risk due to customer concentration & international exposure
  • Profit stability must be monitored every quarter

Verdict:
✔️ Listing Gain – GOOD
✔️ Long Term – MODERATELY POSITIVE (watch margin trends)

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Subscription:

DateAnchorQIBNIIBNII(>10l)SNII(<10L)RetailEmpTotal
Day-10.290.290.280.390.060.280.920.29
Day-20.310.310.560.600.471.081.960.52
Day-357.3057.3069.8585.4238.7215.856.8852.98

GMP Trend:

DateGMP
14 Nov 2025₹50.00(8.67%)
17 Nov 2025₹29.00(5.03%)
18 Nov 2025₹62.00(10.75%)
The grey market premium (GMP) is the price at which an IPO is traded in an unofficial/unregulated grey market prior to its listing. The GMP reflects how a particular company’s IPO issue might react on the day of listing. A positive GMP premiumsignals that the IPO is likely to be at profit while a negative GMP indicates that the IPO is likely to be at a discount.
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.

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  • ⚠️ GMP (Grey Market Premium)
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