Capillary Technologies IPO Day 2 (Nov 17): Subscription builds to ~48% by late afternoon; GMP hovers at 4–5% — Should you apply?

New Delhi, Nov 17, 2025 — Investor interest in Capillary Technologies India’s ₹877.5‑crore IPO improved through Day 2. By about 4:00 pm IST on Monday, the issue was booked roughly 48%, up from 38% around noon, while the grey‑market premium (GMP) stayed in a modest ~4–5% range, according to live market updates and brokerage trackers. 1

Key takeaways at a glance

• Subscription (Day 2): ~48% overall by ~4:04 pm IST; earlier in the day it was ~38%. Category data in the afternoon update showed Retail ~0.89x, NII ~0.44x, QIB ~0.29x, Employee 1.77x. 1
• GMP today: ~₹23–₹25 (roughly 4–5% over the upper band), indicating muted listing gains if sentiment holds. GMP is unregulated and volatile. 1
• Price band & size: ₹549–₹577 per share; total issue size ₹877.5 crore (fresh ₹345 crore; OFS 92.29 lakh shares, ~₹532.5 crore). Lot size: 25 shares.Employee discount: ₹52/share. 2
• Timeline: Opens Nov 14; closes Nov 18. Tentative allotment Nov 19, credit Nov 20, listing Nov 21 (BSE & NSE). 3
• Anchors:₹394 crore raised from 21 anchors including nine domestic MFs (SBI MF, ICICI Prudential, Kotak, Axis, Aditya Birla Sun Life, Mirae Asset, Edelweiss, PGIM India, Union MF) and global investors such as Amundi, HSBC, ValueQuest, Matthews India and PineBridge. 2

Day 2 subscription picture — how demand built up

• Mid‑day (around 12 pm): The book was ~38% subscribed; retail had taken up ~65% of its quota, NIIs ~36%, and QIBs ~29%. 2
• Mid‑afternoon (~3:11 pm): Overall moved to ~45% with Retail ~0.89x, NII ~0.44x, QIB ~0.29x, Employee 1.77x. 1
• Late afternoon (~4:04 pm):~48% overall. (Final Day‑2 tallies will reflect post‑market exchange data.) 1

For context, some outlets pegged the book ~41% earlier in the afternoon as updates trickled in, underscoring how the number shifts through the session as fresh bids land. 4

GMP today: what the street is implying

The GMP sat around ₹23–₹25 on Monday, implying a 3.9–4.3% pop on the ₹577 cap price if sentiment holds; another tracker showed nearly 5%. GMPs can change quickly and should not be seen as a reliable predictor of listing performance. 1

IPO terms & important dates

• Price band:₹549–₹577 (face value ₹2).
• Issue size:₹877.5 crore (fresh ₹345 crore; OFS 92,28,796 shares).
• Lot size / minimum investment:25 shares (₹14,425 at the upper band).
• Employee discount:₹52/share.
• Bidding window:Nov 14–18; allotment Nov 19, credit Nov 20, listing Nov 21 (BSE/NSE).
• Lead managers / registrar:JM Financial, IIFL Capital Services, Nomura / MUFG Intime India. 3

What the company does — and how it’s performing

Capillary is a global SaaS provider in loyalty and customer engagement, serving enterprise clients across sectors. The company reported ₹359.21 crore consolidated revenue for the six months ended Sept 2025, against ₹598.25 crore in FY25. At the upper band, commentary in street notes places the stock near ~180x TTM EPS on a post‑issue basis, reflecting premium valuations for a tech‑platform story early in its profitability ramp. 5

Risks highlighted in offer documents include customer concentration, with a significant share of revenue from a limited number of clients, and the usual SaaS‑sector sensitivities (tech change, data privacy and cybersecurity). 3

Should you apply? Here’s how brokerages differ

Broker opinions are split, largely on valuation vs. growth:

• Apply (positive bias):Asit C. Mehta cited the company’s scalable AI‑driven loyalty stack across industries and the long runway in customer engagement solutions. IDBI Capital recommended ‘Subscribe for the long term’, pointing to the firm’s positioning and improving operating metrics. 5
• Neutral / cautious:Arihant Capital assigned a ‘Neutral’ view, flagging the need to watch execution, customer concentration and pricey sales multiples. 1
• Avoid (valuation concerns):Swastika Investmart and Marwadi Financial Services advised ‘Avoid’, calling the IPO aggressively priced relative to financials and peers; a Moneycontrol expert comment also flagged a steep premium requiring rapid scale‑up to justify. 5

Bottom line: If you prioritise high‑growth SaaS exposure and can tolerate valuation risk and client‑concentration exposure, a long‑term lens is what several supporters suggest. If you prefer value discipline or near‑term listing gains, the current GMP and P/E math argue for caution.

How to think about the application

• Ticket size: Minimum 25 shares; at ₹577 that’s ₹14,425. Bids in multiples of 25 thereafter. Employees get a ₹52 per‑share discount in the reserved bucket. 3
• Key dates:Close — Nov 18;Allotment — Nov 19;Credit — Nov 20;Listing — Nov 21 (indicative timetable). 3
• Anchor signal: Participation by 21 anchors (₹394 crore) including marquee domestic MFs and global funds lends credibility, though it does not guarantee performance. 2
• Remember:GMPs are unofficial; rely on offer documents and your risk profile.

The strategic context

Loyalty management and customer engagement platforms continue to see steady global adoption, with analysts estimating healthy TAM growth through the rest of the decade. Capillary’s pitch rests on AI‑driven orchestration, sticky enterprise relationships and recurring revenues—but execution, competition from large global suites, and continued profitability are the watch‑outs investors are weighing against the price tag. 1

Disclaimer: This article is for news and information purposes only and does not constitute investment advice. Investing in equities and IPOs involves risk. Please read the Red Herring Prospectus and consult a licensed adviser before investing.