| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹549 to ₹577 | 25 | 14th Nov, 2025 –18th Nov, 2025 | ₹877.5 Cr |
Capillary Technologies Indian Ltd
Capillary Technologies Indian Ltd. (CTI) is an AI-based, Software-as-a-Service (SaaS) products company that provides a full-spectrum loyalty management platform to more than 410 brands across 47 countries. The company offers four main products: (1) Loyalty+ enables businesses to create and manage customized loyalty programs that drive engagement and repeat purchases, (2) Insights+ gathers and analyses customer data from multiple channels to provide meaningful insights for better decision-making, (3) Engage+ uses AI to deliver personalized marketing campaigns and customer interactions, and (4) Rewards+ offers a marketplace where customers can redeem points for gift cards, cashbacks, travel options, and exclusive partner deals. It enables companies to build relationships with their consumers, understand them and reward them with incentives to drive repeat sales and attract new customers. Notably, the company serves a wide range of industries, including retail, consumer packaged goods, healthcare, apparel, department stores, luxury and lifestyle, travel, auto and hospitality, and energy retail, with retail and healthcare contributing 28% and 20% of its FY25 revenue, respectively. Some of CTI’s marquee customers include Aditya Birla Fashion and Retail Ltd, Abbott Laboratories (Singapore) Pvt. Ltd, Tata Digital Pvt. Ltd and Frontier Communications among others. They have expanded globally into North America, Asia-Pacific, and EMEA, leveraging 16 global offices across the US, UK, UAE, and other Asian countries. The company’s revenue model is primarily based on a subscription model as a retainership, charging clients based on usage metrics such as loyalty transactions, active members, or the number of stores using its platform, which helps them grow with the clients. Additional income is generated from professional services such as system maintenance, campaigns, and one-time setup charges. The company has positioned itself to capitalize on a dynamic, fast-growing industry, led by a strong management team.
Objective of the Capillary Technologies Indian Ltd IPO
- Funding its cloud infrastructure cost;
- Investment in research, designing and development of its products and platform;
- Investment in purchase of computer systems for its business; and
- Funding inorganic growth through unidentified acquisitions and general corporate purposes.
- Expenditure towards server and cloud-related infrastructure costs;
Rationale To Capillary Technologies Indian Ltd IPO
Strategic acquisitions fuel growth, broaden industry mix, and deepen global market presence
CTI acquired three companies – Persuade Group, B+P, and Rewards+ – which have collectively delivered revenue growth of 62% to Rs. 435 crores in FY25, compared to their combined revenue in the years when these acquisitions were completed. This demonstrates the company’s ability to retain and expand revenue from acquired customer relationships, validating the durability of its platform-led value proposition. These acquisitions have not only boosted revenues but have also enabled them to strengthen their presence in the large US markets, where revenues increased at a CAGR of 157% during FY2023-25 period to Rs. 339 crores, raising their revenue share from 20% in FY23 to 57% in FY25. The TAM expansion is paving the way for further growth. Additionally, these acquisitions have helped them diversify away from retail, which accounted for 45% of revenue in FY23, to 28% in FY25, while increasing the contribution from high-potential industries like healthcare and BFSI & Telecom, which now comprise 20% and 16% of revenue, respectively. This has significantly reduced the systematic risk of their client base and opened new avenues for expansion. Their land-and-expand approach has enabled them to increase revenues through high net revenue retention (NRR) of 121.25%, 112.68%, and 139.01% for FY25, FY24, and FY23, respectively. Consequently, additional income from acquisitions and client retention is expected to drive faster revenue growth
Scalable cloud-based infrastructure with seamless integration supported by AI-driven innovation
CTI’s competitive advantage lies in its scalable, secure, and AI-driven technology platform that powers customer engagement solutions. Built on a cloud-native architecture, the platform processes large volumes of data in real time and integrates solutions with clients’ existing systems through an API-first approach. CTI’s AI-led innovation, demonstrated by its Artificial Intelligence Retail Analytics (aiRA) assistant and AI co-pilots such as Creatives Co-Pilot and Promotions Co-Pilot, enhances automation, personalisation, and marketing efficiency. Advanced AI models, including propensity analysis, segmentation, and predictive insights, enable brands to anticipate customer behaviour and improve retention. By embedding AI across its product range, CTI delivers measurable outcomes, higher engagement, faster execution, and scalable growth. Over 90% of companies with loyalty management programmes report a positive RoI, with an average return of 4.8 times on their initial investment. The company continues to invest in AI research and development, which has consistently accounted for more than 21% of revenue over the past three years, positioning it for a first-mover advantage and driving innovation-led growth.
Valuation of Capillary Technologies Indian Ltd IPO
Capillary Technologies India Ltd. is an AI-driven SaaS company offering a comprehensive loyalty management platform to over 410 brands across 47 countries. Its suite of products – Loyalty+, Insights+, Engage+, and Rewards+ – helps businesses design loyalty programmes, analyse customer data, deliver personalised campaigns, and provide rewarding redemption options. Serving diverse industries, including retail, healthcare, CPG, and hospitality, CTI counts leading global brands such as Aditya Birla Fashion, Abbott, Tata Digital, and Frontier Communications among its clients. Operating through 16 international offices across North America, Asia-Pacific, and EMEA, CTI adopts a scalable, subscription-based revenue model linked to customer usage, supplemented by professional services fees. During FY23-25, the company steadily increased the number of consumers on its platform from 0.97 bn to 1.82 bn, with transactions per hour also rising. Its ARR more than doubled to Rs. 608 crores over this period, supporting top-line growth at a CAGR of 53% during FY202-25 period to Rs. 598 crores, transforming a negative operating profit of Rs. 58 crores into a positive Rs. 79 crores, with an EBITDA margin of 13.1%. At the upper end of the price band of Rs. 557 per share, the issue is valued at a P/E of 302x based on FY25 earnings, which appears expensive. Additionally, negative cash flow from operations in FY25 adds to the concerns. Therefore, despite strong growth prospects, we recommend an “Avoid” rating for this issue.
What is the Capillary Technolgies Indian Ltd IPO?
The initial public offer (IPO) of Capillary Technolgies Indian Ltd offers an early investment opportunity in Capillary Technolgies Indian Ltd . A stock market investor can buy Capillary Technolgies Indian Ltd IPO shares by applying in IPO before All Capillary Technolgies Indian Ltd shares get listed at the stock exchanges. An investor could invest in Capillary Technolgies Indian Ltd IPO for short term listing gain or a long term.
How to apply for the Capillary Technolgies Indian Ltd IPO through StoxBox?
To apply for the Capillary Technolgies Indian Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Capillary Technolgies Indian Ltd IPO open?
Capillary Technolgies Indian Ltd IPO is opening on 14th Nov 2025. Apply Now
What is the lot size of the Capillary Technolgies Indian Ltd IPO?
The Lot Size of Capillary Technolgies Indian Ltd IPO is 25 equity shares. Login to your account now.
When is the Capillary Technolgies Indian Ltd allotment date?
The allotment Date for Capillary Technolgies Indian Ltd IPO is 19th Nov 2025. Login to your account now.
When is the Capillary Technologies Indian Ltd IPO listing date?
The listing Date for Capillary Technolgies Indian Ltd IPO is 21st Nov 2025. Login to your account now
What is the minimum investment required for the Capillary Technolgies Indian Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,425. Login to your account now
What is the maximum investment allowed for the Fujiyama Power Systems Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,87,525. Login to your account now
What are the risks associated with investing in the Capillary Technolgies Indian Ltd IPO?
- Significant revenue concentration to a small number of customers. In H1FY26, their top five customers accounted for about 38.6% of total revenue, and the top 10 customers accounted for 55.7%. In FY25, these figures were 43.4% and 58.7%, respectively. If any of these key customers reduce their business with the company or end their contracts with them, it could have a significant impact their revenue..
- The company has become profitable in FY25, but some material subsidiaries have previously incurred losses and might face losses again in the future, which could adversely affect the business, cash flows, and financial position.
When will the Capillary Technologies Indian Ltd IPO shares be credited to my Demat account?
The Capillary Technologies Indian Ltd IPO be credited to the account on allotment date which is 21st Nov 2025. Login to your account now
Where can I find the Capillary Technologies Indian Ltd IPO prospectus?
The prospectus of Capillary Technologies Indian Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
