Capillary Technologies is set to debut on the Indian stock market today, November 21, 2025, with analysts and grey market indicators suggesting a decent listing for the AI-driven SaaS company. The IPO, which closed on November 18, 2025, saw strong subscription numbers, and the Grey Market Premium (GMP) indicates a potential listing price of around ₹630 per share, a premium of approximately 9% over the IPO price of ₹577.
Subscription and Allotment Details
The Capillary Technologies IPO was open for subscription from November 14 to November 18, 2025. The IPO price band was fixed between ₹549 and ₹577 per share. The IPO was subscribed 52.95 times in total, according to data from the NSE. The Retail Individual Investors (RIIs) category was booked 15.82 times, while the Non-Institutional Investors (NII) segment saw a subscription of 69.84 times. The Qualified Institutional Buyers (QIBs) category was subscribed 57.27 times. The allotment of shares was finalized on November 19, 2025.
The IPO comprised a fresh issue of 59.79 lakh equity shares aggregating to ₹345 crore and an offer-for-sale (OFS) component of 92.28 lakh shares worth ₹532.50 crore. The company aimed to raise ₹877.50 crore through the IPO.
Grey Market Premium (GMP) Trends
Ahead of the listing, the Grey Market Premium (GMP) for Capillary Technologies shares has shown positive trends. On November 21, 2025, the GMP was around ₹53 per share, which suggested an estimated listing price of ₹630. Some reports indicated the GMP reaching as high as ₹62, implying a listing price of ₹639, nearly an 11% premium. It's important to note that the GMP is an unofficial indicator and is subject to volatility.
Expert Opinions and Market Sentiment
Analysts expect Capillary Technologies shares to list at a decent premium. The positive market sentiment and healthy financial growth support the potential for listing gains.
Company Overview
Capillary Technologies India Ltd. is a software product company specializing in AI-driven, cloud-native SaaS products and solutions. The company provides customer engagement, analytics, and insights platforms, as well as loyalty management solutions. Capillary Technologies serves over 410 global brands across various industries, including retail, FMCG, luxury goods, and hospitality.
Financial Performance
Capillary Technologies has demonstrated an operational turnaround, reporting profits in FY25 after incurring losses in previous years. The company's revenue increased by 14% from FY24 to FY25, and profit after tax (PAT) saw a significant increase of 122%. For the first half of FY26, the company posted a net profit of ₹1.03 crore on a total income of ₹362.56 crore.
Key Risks and Concerns
Despite the positive outlook, some concerns remain. The company faces high competition in the SaaS and loyalty solution space. Regulatory risks and valuation concerns are also factors to consider. Some analysts believe the IPO was aggressively priced, with limited profitability track record.
Listing Details
The equity shares of Capillary Technologies India Limited will be listed and admitted to dealings on both the BSE and NSE under the "B" Group of Securities, effective today, November 21, 2025. The IPO price was set at ₹577 per share, with a lot size of 25 shares for retail investors, requiring a minimum investment of ₹14,425.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult with a qualified financial advisor before making any investment decisions.
