Capillary Technologies, a leading AI-powered SaaS provider specializing in customer loyalty and engagement solutions, has captured significant attention in the Indian stock market with its recent initial public offering (IPO). The Bengaluru-based company, which empowers global brands to build stronger customer relationships through cloud-native platforms, successfully closed its ₹877.50 crore IPO on November 18, 2025. As investors eagerly await the allotment finalization today, November 19, the issue’s robust oversubscription and rising grey market premium (GMP) point toward an exciting debut. This comprehensive guide covers everything you need to know about the Capillary Technologies IPO allotment status, latest GMP trends, subscription details, and what lies ahead for listing.
What is Capillary Technologies? A Quick Overview of the Company Behind the IPO
Capillary Technologies stands out as a pioneer in the customer experience (CX) and loyalty management space. Founded in 2008, the company delivers cutting-edge, AI-driven SaaS solutions that help enterprises across retail, FMCG, hospitality, aviation, and more manage loyalty programs, analyze customer data, and drive personalized engagement.
Serving over 250 major brands in more than 30 countries – including giants like Tata, Domino’s, PUMA, Jockey, and Shell – Capillary operates on a subscription-based model that ensures recurring revenue and high scalability. Its cloud-native platforms enable brands to turn customer data into actionable insights, boosting retention and lifetime value.
The company’s transition to profitability in recent years, coupled with strong revenue growth (₹598.25 crore in FY25 and ₹359.21 crore in H1FY26), underscores its operational efficiency and market potential in the booming digital loyalty sector. By going public, Capillary aims to fuel expansion in cloud infrastructure, product innovation, and potential acquisitions.
Capillary Technologies IPO Details: Price Band, Issue Size, and Key Timelines
The Capillary Technologies IPO was a book-built issue totaling ₹877.50 crore, structured as a combination of fresh issuance and offer for sale (OFS):
- Fresh Issue: ₹345 crore (approximately 60 lakh equity shares) to fund cloud upgrades, R&D, capital expenditures, and general corporate purposes.
- Offer for Sale (OFS): ₹532.50 crore (approximately 92.28 lakh shares) by promoters and investors.
Key IPO parameters include:
- Price Band: ₹549 to ₹577 per equity share (face value ₹2).
- Lot Size: Minimum 25 shares (retail investors needed ₹14,425 at the upper band for one lot).
- Employee Discount: ₹52 per share for eligible employees.
- Listing Platforms: BSE and NSE.
- Important Dates:
- IPO Open: November 14, 2025
- IPO Close: November 18, 2025
- Allotment Finalization: November 19, 2025 (today – expected by evening)
- Refund Initiation & Share Credit: November 20, 2025
- Listing Date: November 21, 2025
Book-running lead managers were JM Financial, IIFL Capital Services, and Nomura Financial Advisory, with MUFG Intime India Pvt. Ltd. serving as the registrar.
Capillary Technologies IPO Subscription Status: Massive 53x Oversubscription Driven by Late Surge
The Capillary Technologies IPO witnessed a dramatic turnaround, closing at an impressive 52.95 times oversubscription – one of the strongest responses in recent mainboard offerings.
Final category-wise breakdown (as per NSE data):
- Qualified Institutional Buyers (QIBs): 57.27 times (including heavy anchor booking of ₹394 crore from 21 investors)
- Non-Institutional Investors (NIIs): 69.84 times (highest demandiveness, with big HNI bids flooding in on Day 3)
- Retail Individual Investors (RIIs): 15.82 times
- Employee Portion: 6.88 times
- Overall: Bids for over 44.38 crore shares against 83.83 lakh on offer
The surge materialized primarily on the final day after muted interest in the first two sessions, highlighting strong institutional confidence in Capillary’s SaaS growth story.
How to Check Capillary Technologies IPO Allotment Status Online – Step-by-Step Guide
Allotment is being finalized today (November 19). Once live (typically by 6-8 PM), investors can check status through these official channels:
1. Registrar Website (MUFG Intime India – Recommended)
- Visit: https://ipo.mufg.in
- Select “Capillary Technologies Limited” from the dropdown.
- Choose verification method: Application Number, PAN, or DP Client ID.
- Enter details and captcha.
- Click “Submit” to view allotment status.
2. BSE Website
- Go to: https://www.bseindia.com/investors/appli_check.aspx
- Select “Equity” and “Capillary Technologies Limited”.
- Enter Application Number + PAN.
- Complete captcha and search.
3. NSE Website
- Visit: https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp
- Log in with credentials or directly check bid details.
- Select the IPO and enter PAN/Application Number.
Pro Tip: If no allotment, refunds initiate automatically on November 20. Allotted shares credit to demat accounts the same day.
Capillary Technologies IPO GMP Today: Signals 10-11% Listing Gain Potential
As of November 19 morning, the grey market premium (GMP) for Capillary Technologies IPO stands strong at ₹62-₹63.
- Estimated Listing Price: ₹577 (upper band) + ₹62 = ₹639
- Expected Gain per Share: ~10.75%
- Per Lot Gain (25 shares): Approximately ₹1,550-₹1,575
GMP surged from near-zero levels pre-opening to a peak of ₹63 post-subscription, reflecting renewed optimism after the massive oversubscription. Note that GMP is unofficial and volatile – actual listing depends on market sentiment.
Capillary Technologies IPO Allotment Chances: What Oversubscription Means for Retail Investors
With 15.82x retail oversubscription, chances hover around 1 in 16 applications receiving at least one lot (based on lottery system). High-band applicants (₹577) enjoy priority for final pricing.
QIB (57x) and NII (70x) portions saw even fiercer competition, meaning most institutional bidders will receive pro-rata allotments.
Why Capillary Technologies IPO Generated Such Buzz – Strengths and Opportunities
Investors flocked to the issue for several compelling reasons:
- Proven SaaS Model: Recurring revenue, high gross margins, and improving profitability.
- Global Footprint: Presence in 30+ countries with blue-chip clients.
- AI & Cloud Edge: Positioned perfectly for the exploding demand in customer loyalty tech.
- Post-IPO Growth Plans: Funds earmarked for R&D, cloud scaling, and inorganic expansion.
- Sector Tailwinds: Rising digital transformation in retail and consumer brands worldwide.
Risks Investors Should Consider Before Listing
While promising, no IPO is risk-free:
- Competitive landscape dominated by global players like Salesforce and Adobe.
- Valuation appears stretched at ~7.5x price-to-sales (annualized).
- Heavy OFS component (60% of issue) means limited fresh capital relative to size.
- Market volatility could impact listing-day performance.
Analysts recommend a long-term hold for believers in the SaaS loyalty space, while short-term traders should watch GMP and broader sentiment.
Final Thoughts: Is Capillary Technologies IPO a Must-Watch Listing?
The Capillary Technologies IPO has evolved from a slow starter to one of the most oversubscribed issues of 2025, underlining investor faith in India’s homegrown SaaS champions. With allotment results out today and a healthy GMP pointing to double-digit listing gains, November 21 could deliver fireworks on Dalal Street.
Retail investors who secured allotment stand to benefit from immediate upside, while the company’s fundamentals make it an attractive addition to growth-oriented portfolios. Stay tuned for live listing updates – this could be another success story in India’s thriving tech IPO pipeline.