Capillary Tech IPO off to a muted start: Check subscription, GMP, review

The demand for Capillary Technologies IPO was led by NIIs at 26 per cent subscription of the reserved quota, and the retail investors' portion was booked 6 per cent

Capillary Technologies IPO subscription status Day 1: The initial public offering (IPO) of Capillary Technologies, a software-as-a-service (SaaS) company, opened for subscription on Friday, November 12, 2025. The mainline issue witnessed a muted start with overall subscription of 8 per cent as of 11:00 AM. It received bids for 0.68 million shares against 8.38 million shares on offer. 

 

The demand was led by Non-Institutional Investors (NIIs) at 26 per cent subscription of the reserved quota, and the retail investors' portion was booked 6 per cent. However, the issue has not received any bids from Qualified Institutional Buyers (QIBs) so far. 

 

 

According to the Red Herring Prospectus (RHP), the company has reserved not more than 75 per cent of the issue for Qualified Institutional Buyers (QIBs), not less than 15 per cent for Non-Institutional Investors (NIIs), and not less than 10 per cent for retail investors.

Capillary Technologies IPO anchor round

Ahead of the issue, Capillary Technologies raised ₹394 crore from 21 institutional investors on November 13, 2025. As per the circular uploaded on the BSE website, the company allocated 6.82 million equity shares to anchor investors at the offer price of ₹577 per equity share. 

 

Marque investors, including SBI Mutual Fund (MF), ICICI Prudential MF, Kotak Mahindra MF, Axis MF, Amundi Funds, ValueQuest Investment Advisors, Pinebridge Investments and Hornbill Orchid India Fund, among others, participated in the anchor round.   ALSO READ | Capillary Technologies IPO opens Nov 14: Analysts say 'Avoid'; here's why

Capillary Technologies review

Analysts at SBI Securities have assigned an 'Avoid' rating to the issue, citing the company's expensive valuations. "At the upper price band of ₹577, the company is valued at a FY25 P/E multiple of 323.3x on post-issue capital, which looks expensive," the brokerage said.

 

Swastika Investment has also recommended to 'Avoid' the issue. "Based on the company's financial data and market analysis, the valuation for the Capillary Technologies IPO appears highly aggressive; hence, it is recommended to avoid this IPO," the brokerage said.

Capillary Technologies IPO GMP

On Friday, November 14, 2025, the unlisted shares of Capillary Technologies were trading flat at ₹577, the upper end of the price band of ₹549-577, according to sources tracking unofficial markets.  Check PhysicsWallah IPO allotment Status

Here are the key details of the Capillary Technologies IPO:

Capillary Technologies IPO will close for bidding on Tuesday, November 18, 2025. The allotment of shares is expected to be finalised on Wednesday, November 19, 2025.  

  Shares of Capillary Technologies are likely to list on the exchanges, NSE and BSE, on Friday, November 21, 2025. 

 

The company has set the price band in the range of ₹549 to ₹577, with a lot size of 25 shares. A retail investor would require a minimum investment of ₹14,425 to bid for at least one lot and in multiples thereafter.

 

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

 

According to the RHP, the company proposes to use ₹143 crore from the net fresh issue proceeds for funding cloud infrastructure costs, and ₹71.6 crore for investment in research, designing and development of products and platform. Additionally, ₹10.3 crore will be used for investment in the purchase of computer systems for business. The remaining funds will be used for funding inorganic growth through unidentified acquisitions and general corporate purposes.