Retail and NII drive steady opening demand; anchor round boosts confidence
MUMBAI, Nov 15 (The CONNECT) – The Initial Public Offering of Capillary Technologies India Limited drew a 0.28-times subscription on Day 1, reflecting steady early interest from retail and non-institutional investors in the AI-driven SaaS provider.
The issue garnered bids for 23,68,150 shares against 83,83,430 on offer, as per data from the stock exchanges. The retail segment was subscribed 0.26 times, while the non-institutional portion hit 0.28 times. The QIB bucket saw 0.29-times subscription, and the employee quota performed relatively stronger at 0.87 times.
The IPO opened on Friday, November 14, 2025, and will remain available for subscription until Tuesday, November 18, 2025.
On Thursday, Capillary Technologies mobilised ₹394 crore from marquee anchor investors. Participants in the anchor round included HSBC Global Investment Funds – Asia Ex Japan Equity Smaller Companies, SBI Technology Opportunity Fund, ICICI Prudential Innovation Fund, Kotak Pioneer Fund, Axis Multicap Fund, Aditya Birla Sun Life Digital India Fund, and Amundi Funds New Silk Road.
Brokerage IDBI Capital issued a “Subscribe” rating, citing Capillary’s strong product stack built on AI and machine learning. The firm highlighted solutions such as Engage+ and Co-Pilot, which support hyper-personalised campaigns and predictive insights, underpinned by scalable cloud infrastructure that positions the company to benefit from accelerating global digital transformation and enterprise retention strategies.
Capillary Technologies is a global SaaS player specialising in AI-led loyalty and engagement solutions for enterprises. With a suite of platforms—including Loyalty+, Engage+, Insights+, Rewards+, and a customer data platform—it offers end-to-end capabilities enabling brands to execute unified, omnichannel loyalty programmes. As of September 2025, the company served more than 410 brands across 47 countries and is considered a global leader in the loyalty-tech segment, according to a Zinnov report.
For the six months ended September 30, 2025, Capillary reported consolidated operating revenue of ₹3,592.18 million, up from ₹2,871.77 million in the same period the previous year. Revenue for FY25 stood at ₹5,982.59 million, compared with ₹5,251.00 million in FY24 and ₹2,553.72 million in FY23.
JM Financial, IIFL Capital Services and Nomura Financial Advisory and Securities are the book-running lead managers to the offer, while MUFG Intime India Private Limited is the registrar. The IPO follows the standard book-building structure, allocating up to 75% to QIBs, 15% to NIIs and 10% to retail investors.
