Capillary Technologies India IPO: Should you subscribe?

Summary: Capillary Technologies India, a leading player in the SaaS solutions provider space, is set to go public on November 14, 2025. Here, we analyse the company’s past track record, strengths and weaknesses to help you better decide whether its IPO is worth subscribing to. Capillary Technologies India, a SaaS (Software as a Service) solutions provider, will open its IPO (initial public offering) on November 14, 2025 and close on November 18, 2025. Of the total issue size of Rs 878 crore, Rs 345 crore comprises a fresh issue, while Rs 533 crore will be an offer for sale (OFS). Here, we break down Capillary Technologies India’s business, financials, strengths, risks and valuation to help you make an informed investment decision. What the company does Capillary Technologies is a global SaaS company specialising in AI-driven loyalty and engagement solutions for large enterprises. Its end-to-end product suite helps brands run comprehensive loyalty programmes, personalise customer journeys and drive repeat sales. Headquartered in India, Capillary serves over 410 brands across 47 countries through its cloud-native platforms. Track record and valuation Capillary Technologies India’s financials have proven to be a mixed bag. Although the company managed to increase revenue by 53 per cent every year between FY23 and FY25, PAT (profit after tax) and EBIT (earnings before interest and tax) remained negative, turning positive only in FY25. On the bright side, Capillary Technologies India managed to reduce its total debt, which fell by nearly 16 per cent during the same period. At the upper end of the price band (Rs 577), Capillary Technologies India’s stock is expected to be valued at 180 times its TTM (trailing twelve months) earnings and around 4.9 times its book value. It has no listed Indian peers for comparison. Capillary Technologies India IPO details Total IPO size (Rs cr) 878 Offer for sale (Rs cr) 533 Fresh issue (Rs cr) 345 Price band (Rs) 549-577 Subscription dates November 14-18, 2025 Purpose of issue Funding cloud infrastructure costs, investment in development of products and purchase of new computer systems Post-IPO M-cap (Rs cr) 4,576 Net worth (Rs cr) 941