Capillary Technologies shares make weak debut on bourses, list at 3% discount

Shares of Capillary Technologies India Ltd., a Bengaluru-based software-as-a-service (SaaS) company, made a weak market debut on Friday, November 21.

The stock began trading at ₹560, down 2.94% from the issue price on the BSE. On the NSE, the shares listed at ₹571.90 apiece, a discount of 0.88%.

The company's market valuation stood at ₹4,441.46 crore on the BSE.

The company's ₹877.5-crore initial public offering (IPO) was subscribed 52.95 times at close. The retail individual investors' portion saw 15.82 times subscription, while the non-institutional investors' quota was subscribed 69.84 times. The qualified institutional buyers' portion fetched 57.27 times their allotted quota.

The issue was open from November 14 to November 18.

Capillary Technologies offered shares in a fixed price band of ₹549 to ₹577, with a lot size of 25 shares per application.

The company raised ₹345 crore through a fresh issue, while promoter Capillary Technologies International and investor Trudy Holdings sold over 92.28 lakh shares worth ₹532.5 crore via an offer-for-sale (OFS).

Prior to the IPO, the company had already raised ₹393.98 crore from anchor investors.

Some marquee anchor participants included SBI, ICICI Prudential, Kotak, Axis, Aditya Birla, Mirae, Amundi, HSBC, Valuequest, Matthews, and Edelweiss.

Capillary Technologies, which offers AI-based, cloud-native SaaS products and solutions, had trimmed its IPO size from its initial proposal. The company plans to use the proceeds to fund cloud infrastructure costs (₹143 crore), invest in research, design, and product development (₹71.5 crore), and purchase computer systems for operations (₹10.3 crore).

Allocation for inorganic growth initiatives has not been specified.

Currently, promoters hold 67.18% stake in the company, while public shareholders own 32.82%, including Ronal Holdings (7.53%), AVP Fund (5.51%), Trudy Holdings (4.49%), Filter Capital India Fund (3.66%), and Schroders Capital (1.54%). Promoter Capillary Technologies International is backed by Qualcomm, Peak XV Partners, and Xto10x Technologies.

The company provides AI-driven loyalty and engagement solutions for enterprise clients globally, counting Tata Digital, ABFRL, Domino's Pizza Indonesia, PT Blue Bird Tbk, Arvind Fashions, Metro Brands, Puma India, Vishal Mega Mart, and InterGlobe among its clientele.

On the earnings front, Capillary Technologies reported a profit of ₹1.03 crore for the six months ended September 2025, compared with a loss of ₹6.8 crore in the same period last year. Revenue rose 25% year-on-year to ₹359.2 crore, from ₹287.2 crore.

JM Financial, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) were the book-running lead managers for the IPO.