About the Company
Capillary Technologies is a Bengaluru-based SaaS company offering cloud-based customer engagement, loyalty, and analytics solutions for enterprises globally. Its AI-driven platform enables brands to manage loyalty programs, run personalized campaigns, and gain actionable customer insights. Capillary serves over 410 brands in 47 countries, providing end-to-end solutions through products like Loyalty+, Engage+, Insights+, Rewards+, and a Customer Data Platform (CDP).
IPO: Key Figures & Objectives
Key Figures
- IPO Size: ₹ 877.5 cr (Fresh: ₹ 345 cr, OFS: ₹ 532.5 cr)
- Price Band: ₹ 549 – ₹ 577 per share | Face Value: ₹ 2 | Lot Size: 25 shares
- Issue Dates: 14–18 Nov 2025 | Expected Listing: 21 Nov 2025
- Reservation: QIBs 75%, NIIs 15%, Retail 10%
Objectives / Use of Funds
- Cloud Infrastructure & R&D: ~₹ 270 cr for scaling technology and product development
- Computer Systems & General Corporate Purposes: ~₹ 10–65 cr
- Inorganic Growth / Acquisitions: Strategic expansion
Investor Exits at IPO
Key Insights
- Early investors realize significant returns: Capillary Technologies International Pte. Ltd. achieves a 14.75x multiple.
- Recent investors see moderate gains: 2021–2023 investors, including Avataar Holdings and Filter Capital, realize 1.56x–1.87x multiples.
- IPO structure balances capital raising and liquidity: Fresh issue funds strengthen infrastructure and R&D, while OFS provides exits to existing investors.
- Institutional focus: 75% allocation to QIBs indicates strong institutional interest, while retail participation is modest.
- Growth-driven allocation: Majority of funds are earmarked for technology, product development, and strategic acquisitions, highlighting Capillary’s focus on scaling globally.
Conclusion
Capillary Technologies’ IPO provides a dual advantage: fueling the company’s growth ambitions while allowing early investors to monetize part of their holdings. The combination of fresh capital for R&D and infrastructure, along with the partial exit for existing shareholders, demonstrates a balanced strategy to support both innovation and liquidity. Investors gain exposure to a fast-growing SaaS platform in customer engagement and loyalty management, though execution, competitive landscape, and scaling efficiency will remain key factors post-IPO.
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