Capillary Technologies lists at 3% discount despite 53X subscribed IPO

SaaS firm Capillary Technologies made a muted debut on the bourses on Friday, listing at Rs 560 per share on the BSE, a 3% discount to its issue price of Rs 577. On the NSE, the stock opened slightly higher at Rs 571.9.

Capillary’s IPO, which was open for subscription between November 14–18 with a price band of Rs 549–577, had received strong demand despite the soft listing. The issue was subscribed nearly 53 times overall, driven by heavy interest from non-institutional investors (69.8X) and qualified institutional buyers (57.3X). The retail portion saw 15.7X subscription, while the employee quota was subscribed 6.86X, according to exchange data.

As per the company’s RHP, Capillary reduced its fresh issue size to Rs 345 crore from the originally proposed Rs 430 crore. The offer-for-sale component was also cut to 92.2 lakh shares, down from 1.83 crore shares in the draft prospectus.

Ahead of the listing, the company raised Rs 3934 crore from 21 anchor investors, including SBI MF, ICICI Prudential MF, Kotak MF, Axis MF, Aditya Birla MF and Edelweiss MF, at the upper end of the price band.

Founded in 2008 by Aneesh Reddy, Krishna Mehra and Ajay Modani, Capillary provides cloud-native loyalty, CRM, and customer engagement solutions to over 390 brands across 46 countries. Its clients include Tata Digital, Aditya Birla Fashion, and Abbott Labs.

Capillary reported a strong FY25, with revenue rising 14% year-on-year to Rs 598 crore. The firm also turned profitable, posting a net profit of Rs 14.1 crore, compared to a loss of Rs 68 crore in FY24.

Despite the discounted debut, the stock recovered in early trade and was quoting at Rs 612.5 at 10:15 AM, valuing the company at Rs 4,838 crore ($543 million).