Capillary Technologies IPO listing: Stock makes muted debut at ₹572 on NSE

Capillary Technologies IPO listing: On the National Stock Exchange (NSE), the stock listed at ₹571.9 per share, marking a discount of ₹5.1 or 0.88 per cent to the issue price of ₹577

Capillary Technologies IPO listing: Capillary Technologies, a software-as-a-service (SaaS) company, made a tepid market debut on November 21, 2025, following the completion of its initial public offering (IPO). On the National Stock Exchange (NSE), the stock listed at ₹571.9 per share, marking a discount of ₹5.1 or 0.88  per cent to the issue price of ₹577.

 

On the BSE, Capillary Technologies’ shares began trading at ₹560 per share. The listing performance fell short of grey market indications, where the stock had been quoting around ₹630, implying a premium of ₹53 or 19.9 per cent over the issue price.

Capillary Technologies IPO subscription details

The ₹877.50-crore IPO saw a soft start amid cautious sentiment but gained strong traction on the final day, led primarily by non-institutional investors (NIIs). The NII category was subscribed to 69.84 times, the highest among investor classes.

 

Qualified institutional buyers (QIBs) also showed robust interest, with their portion subscribed 57.27 times, while the retail quota was subscribed 15.82 times, according to exchange data. 

Capillary Technologies IPO overview

Capillary Technologies’ IPO opened on November 14, 2025, and closed on November 18, 2025. The company targeted to raise ₹877.50 crore, comprising a fresh issue of 6 million equity shares aggregating to ₹345 crore, and an offer for sale (OFS) of 9.2 million shares totalling ₹532.50 crore.

 

MUFG Intime India is the registrar of the issue. JM Financial, IIFL Capital Services and Nomura Financial Advisory and Securities (India) acted as the book-running lead managers.

 

As per the red herring prospectus (RHP), the company plans to deploy:

• ₹143 crore from the fresh issue proceeds towards funding cloud infrastructure costs,
• ₹71.6 crore for investment in research, design and development of products and platforms, and
• ₹10.3 crore for the purchase of computer systems for business operations.

The balance funds are earmarked for inorganic growth through potential acquisitions and for general corporate purposes.    Incorporated in 2008, Bengaluru-based Capillary Technologies is a software product company offering artificial intelligence (AI)-based cloud-native Software-as-a-Service (SaaS) products and solutions primarily to Enterprise Customers. The company has a diversified product profile, including advanced loyalty management platform (Loyalty+), connected engagement platform (Engage+), predictive analytics platform (Insights+), rewards management platform (Rewards+) and customer data platform. Capillary has presence across the United States, the United Kingdom, the United Arab Emirates and other Asian countries.