Capillary Technologies India IPO

About the company

Capillary Technologies India is a software product company offering AI-based Software-as-aService (“SaaS”) products and solutions primarily to enterprise customers. As per the company, it is global leaders in loyalty and engagement management solutions. The company’s products and services assist clients in generating engagement, drive conversions and boost repeat sales. Over the past decade, the company has established a strong foothold in the loyalty technology market, serving 19 Global Fortune 500 clients across sectors such as retail, BFSI, telecom, travel, auto, and healthcare. As of September 2025, it served 413 brands and hosted 1.82 billion consumers on its platform, up from 1.46 billion in September 2024 and 1.26 billion in March 2025. It services enterprise clients across 47 countries. The company operates through a comprehensive suite of AI-driven products, such as Loyalty+, Engage+, Insights+, and Rewards+. Its Customer Data Platform (CDP) helps businesses handle omnichannel engagement, predictive analytics, and customised loyalty programs. The company has a diversified business vertical with 30.01% of revenue from the retail industry, 17.59% from healthcare, 16.23% from BSFI and other industries such as consumer packaged goods, travel, automobiles and hospitality, energy retail and more in H1FY26. Capillary Technologies has 16 offices, including in key markets of India, the United States, the United Kingdom, Canada, the United Arab Emirates, Singapore, Indonesia, Vietnam and Malaysia as of September 2025. The company's technology is built on a cloud-native, API-first architecture that ensures real-time scalability and seamless integration with clients' existing enterprise systems. As of September 2025, the platform processed 0.16 million loyalty transactions per hour, demonstrating its capacity to handle high-volume data operations. Furthermore, it conforms with global compliance standards that ensure data security across all markets, including SOC2, PCI DSS, and ISO 27001:2013. Over the last 3 years, the company has enhanced its AI capabilities by introducing Creatives Co-Pilot and Promotions Co-Pilot in FY24 to its solutions portfolio. In the six months ending in September 2025, the company's Net Revenue Retention (NRR) was 115.42%, and its churn rate was 9.64%, indicating steady opportunities for upselling and cross-selling. The company has long-term relationships with an average length of over 2.5 years with its top 10 customers, as of September 30, 2025. Its clientele includes major players such as Tata Digital, ABFRL, Metro Brands, Puma, and Dominos Indonesia. The company has strategically expanded through acquisitions and successfully integrated entities such as Persuade Group, Brierley & Partners and Kognitiv Group. It also developed a new product named Rewards+ by utilising the assets of the Digital Connect business that it acquired from Tenerity LLC in June 2023. These integrations have increased its presence across North America and Europe while improving contribution margins within acquired businesses. With a projected growth rate of 10%, the total addressable market size for loyalty management is estimated to reach $26.8 billion by FY29. North America is predicted to grow at a rate of 5% between 2024 and 2029, while the Asia-Pacific region is predicted to grow at a significant 18.7% rate. The company derived 56.01% from North America and 24.99% of its revenue from the Asia-Pacific region, which enables it to capitalise on the rising demand. The company intends to focus on its go-to-market strategy on new enterprise customers and on its existing enterprise customers, such as Tata Digital, ABFRL, and one of the UAE’s diversified conglomerates. It is also focus on expanding its presence in the United States and pursuing further acquisitions in North America and other Regions. Now, Capillary Technologies India Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹345 crore and an offer for sale of ₹532.50 crore. The total issue size of the IPO is ₹877.50 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   14 Nov 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   18 Nov 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   19 Nov 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   20 Nov 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   20 Nov 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   21 Nov 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.