Capillary Technologies is set to debut on the Indian stock market today, November 21, 2025, with its shares listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The IPO, which closed on November 18, 2025, garnered significant investor interest, setting the stage for what experts predict will be a strong market debut.
The initial public offering aimed to raise ₹877.70 crore through a combination of a fresh issue of ₹345 crore and an offer for sale (OFS) of 92.28 lakh shares aggregating to ₹532.50 crore by the promoter, Capillary Technologies International, and the investor, Trudy Holdings. The price band for the IPO was fixed between ₹549 and ₹577 per share, with a minimum lot size of 25 shares. This translates to a minimum investment of ₹14,425 for retail investors.
Subscription levels for the IPO were robust, with an overall subscription of 52.95 times. Non-institutional investors (NIIs) led the charge, subscribing their portion 69.84 times. Qualified institutional buyers (QIBs) followed with a subscription of 57.27 times, while retail individual investors (RIIs) subscribed 15.82 times the shares on offer. According to NSE data, investors applied for 44,38,95,650 shares compared to the 83,83,430 shares on offer. The allotment of shares was finalized on November 19, 2025, with refunds for non-allottees and credit of shares to Demat accounts occurring on November 20, 2025.
Ahead of the listing, the grey market premium (GMP) for Capillary Technologies' unlisted shares has been fluctuating, signaling strong investor confidence. According to media reports and investorgain.com, the shares were trading at ₹633, reflecting a GMP of 9.71%, or ₹56 over the upper price band of ₹577. It is important to note that the GMP is not regulated or recommended by stock exchanges or SEBI, and investors should conduct their own research before making investment decisions.
Capillary Technologies, based in Bengaluru, is an AI-powered, cloud-native, SaaS company. It provides AI-based cloud-native SaaS products and solutions primarily to enterprise customers globally. These solutions are designed to help businesses develop customer and channel partner loyalty. The company has demonstrated solid financial performance, with revenue increasing to ₹598 crore in FY2025 from approximately ₹524 crore in FY2024. More impressively, Capillary Technologies achieved a net profit of ₹14 crore in FY2025, marking a return to profitability after losses in previous years.
The successful subscription and positive GMP suggest a promising debut for Capillary Technologies on the Indian stock market. Market experts are optimistic about the listing, citing the company's strong fundamentals, growth potential in the AI-enabled loyalty management space, and overall positive market sentiment.
