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Capillary Technologies IPO Day 2 LIVE: The IPO of SaaS provider Capillary Technologies India entered its second day of the bidding process on Monday.

Prior to the opening, the company had raised ₹394 crore from anchor investors.

The ₹877.5-crore IPO, priced in the range of ₹549–577 per share, will close on November 18. At the top end of the price band, the issue size totals ₹877.5 crore. The offer includes a fresh issue worth ₹345 crore and an offer for sale of 92,28,796 shares.

Capillary Technologies provides AI-driven, cloud-native SaaS solutions focused on consumer and channel-partner loyalty for enterprise clients worldwide. The company reported ₹359.21 crore in consolidated revenue for the six months ended September 2025, compared with ₹598.25 crore in FY25.

Capillary Technologies IPO GMP today is ₹23. This means Capillary Technologies shares are trading ₹23 above the issue price of ₹577. At the prevailing GMP, Capillary Technologies IPO listing price could be ₹600, up 3.99%.

The shares are proposed to list on the BSE and NSE. JM Financial, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) are the book-running lead managers, while MUFG Intime India is the registrar to the issue.

Capillary Technologies is a leading global SaaS provider in loyalty management and customer engagement, serving 250+ enterprise clients across retail, fashion, QSR, telecom, and consumer brands. Its AI-driven, cloud-native, and API-first platform enables omnichannel personalization, real-time customer insights, and large-scale loyalty orchestration, strengthening client stickiness. Deep industry expertise, long-term contracts, and high switching costs reinforce recurring revenue visibility in fast-growing digital consumer engagement markets.

Capillary Technologies’ IPO is coming at a time when digital transformation and AI-driven customer engagement spending are accelerating across consumer brands, BFSI, and retail globally. Capillary holds a strong position in loyalty management and customer data platforms, with a sticky enterprise client base and long-term SaaS contracts contributing to predictable recurring revenues.

Backed by marquee investors and an expanding overseas revenue mix (notably in the U.S. market), the company has demonstrated improving operating leverage, reflected in declining losses and better unit economics. Key factors to monitor include customer concentration risk, continued investments in product innovation, and execution in new geographies.

However, the company’s proven technology stack, scalable SaaS model, and improving profitability outlook make it a compelling long-term play in the enterprise CX automation space. At the upper band of INR 577, the issue is valued at a Price-to-Sales ratio of 7.48x. We are recommending a “Neutral” rating for this issue.

The IPO of SaaS provider Capillary Technologies India was subscribed 28% on its opening day on Friday. According to NSE data, the issue received 23,67,900 bids against the 83,83,430 shares on offer. Investor response was mixed across categories: the QIB portion was subscribed 29%, NIIs 28%, and the retail quota 26%.

Capillary Technologies’ IPO is currently showing a GMP of ₹23, as of November 17, 2025. Based on the upper end the price band at ₹577, the IPO’s estimated listing price is around ₹600 (issue price + GMP). This translates to an expected listing gain of approximately 3.99% per share.

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