Capillary Technologies makes a tepid debut, down 3% from its issue price

The shares of Capillary Technologies made a weak debut on the bourses today, despite seeing strong investor interest. The shares were listed at ₹560 apiece on BSE, tumbling down by 2.95% from their IPO price of ₹577. On NSE, the shares are listed with a lower discount of 0.88% at ₹571.90 apiece. The market capitalisation of the company stood at around Rs 4,400 crore at its debut. 

Capillary Technologies India, a software products company, had set the price band for its upcoming initial public offering (IPO) at ₹549 to ₹577 per equity share of face value ₹2 each. The Bengaluru-based Software-as-a-Service (SaaS) company’s public issue was open for subscription on November 14 and closed on November 18. The IPO comprised a fresh issue of shares worth ₹345 crore and an offer for sale (OFS) of 92.29 lakh equity shares, aggregating to ₹877.50 crore at the upper price band.

After its listing, the promoter shareholding pattern changes from 67.95% to 52.05%. Capillary Technologies International Pte Limited and Aneesh Reddy Boddu are the company promoters.

The Capillary Technologies IPO was subscribed 52.98 times on the final day. The public issue subscribed 15.85 times in the retail category, 57.30 times in the QIB category, and 69.85 times in the NII category.

The minimum lot size is 25 equity shares, translating to a minimum retail investment of ₹14,425 at the upper price band. For small non-institutional investors (sNII), the minimum application size is 14 lots (350 shares), amounting to ₹2,01,950, while large NIIs (bNII) can apply for 70 lots (1,750 shares) worth ₹10,09,750.

Out of the ₹345 crore raised from the fresh issue, the company intends to use up to ₹143 crore for funding cloud infrastructure costs; up to ₹71.6 crore for investment in research, design, and development of products and platforms. Another ₹10.3 crore will be utilised for the purchase of computer systems, and the balance will be used for inorganic growth, unidentified acquisitions, and general corporate purposes.

Founded in 2008 and headquartered in Bengaluru, Capillary Technologies is a software product company specialising in artificial intelligence (AI)-based, cloud-native SaaS solutions that help enterprises build consumer and channel partner loyalty. The company is recognised as one of the global leaders in loyalty and engagement management, according to a Zinnov report (September 2025).