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Capillary Technologies India Ltd
IT - SoftwareIPO
₹577 - 577
We are a software product company offering artificial intelligence-based cloud-native Software-as-a-Service ("SaaS") products and solutions primarily to Enterprise Customers (defined as customers contributing more than Rs. 4.00 million in revenue from operations in the six-month period ended September 30, 2025 and September 30, 2024 and Rs. 8.00 million in revenue from operations in a Fiscal) globally. Our diversified product suite which includes our advanced loyalty management platform (Loyalty+), connected engagement platform (Engage+), predictive analytics platform (Insights+), rewards management platform (Rewards+) and customer data platform allow our customers to run end-to-end loyalty programs, get a comprehensive view of consumers and offer unified, crosschannel strategies that deliver a real-time omni-channel, personalized, and consistent experience for consumers.
Lot25Min Invest₹14,425Face Value₹2Issue Size₹878 CrFresh Issue₹345 CrOffer for Sale₹533 CrListing Price₹560CMP₹571
Timeline
14 Nov
Bidding opens
18 Nov
Bidding closes
19 Nov
Allotment
20 Nov
Refund & demat credit
21 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹878 Cr1.52 Cr shares
Fresh Issue₹345 Cr
Offer for Sale₹533 Cr
Face Value₹2
Lot Size25 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,4251-13 lots
sNII₹2,01,950from 14 lots
bNII₹10,09,750from 70 lots
Managers & Registrar
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrCapillary Technologies International Pte. Ltd.PRMTR85,40,738492.80Trudy HoldingsOTH6,88,05839.70Total92,28,796532.50
Shareholding
CategoryPre IPOPost IPOPromoter Group67.95%55.24%Public32.05%44.76%
Objects of the Issue
- Funding our cloud infrastructure cost
- Investment in research, designing and development of the company products and platform
- Investment in purchase of computer systems for its business
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 323 | 525 | 598 | 735 | 811 |
| Operating ProfitCr | -64 | -12 | 65 | 93 | 115 |
| OPM% | -19.9 | -2.3 | 10.9 | 12.6 | 14.2 |
| PBTCr | -93 | -75 | 11 | 51 | 42 |
| PATCr | -88 | -68 | 14 | 52 | 42 |
| EPS | -18 | -11 | 2 | 7 | 5 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 11 | 15 | 15 | 16 | - |
| ReservesCr | 156 | 524 | 554 | 1,008 | - |
| BorrowingsCr | 149 | 77 | 106 | 54 | - |
| Fixed AssetsCr | - | - | 301 | 460 | - |
| Total AssetsCr | 446 | 871 | 839 | 1,300 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -20 | 97 | -46 | 150 | - |
| Investing Cash FlowCr | -94 | -185 | 64 | -614 | - |
| Financing Cash FlowCr | 137 | 218 | 4 | 271 | - |
| Net Cash FlowCr | 23 | 134 | 21 | -194 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Trusted Partner in Loyalty Solutions.
- Comprehensive Solutions and Scalable Cloud-Based Infrastructure with Seamless Integration for Diverse Segments.
- Diverse Long-Term Customer Relationships with High Net Revenue Retention.
- Diverse Long-Term Customer Relationships with High Net Revenue Retention.
- Experienced Leadership Team backed by Marquee Investor Base.
Strategies · as stated in the DRHP
- Focus Our Go-to-Market Strategy on Larger Enterprises.
- Focus on Improving Revenue from Existing Clients.
- Expand Presence in the United States and Pursue Further Acquisitions in North America and Other Regions.
- Drive Expansion through Addition of New Industry-Specific Solutions.
- Continue Investing in Artificial Intelligence-Driven Enhancements and Advanced Customer Engagement Solutions.
Risks · as stated in the DRHP
- The company generates a significant portion of its revenues from a limited number of customers. The company's top five and top 10 customers contributed to 38.60% and 55.70% of the company's revenue from operations in the six-month period ended September 30, 2025, and 43.35% and 58.71%, in Fiscal 2025, respectively. Any loss or reduction of business or termination of contracts from/by these customers could reduce its revenues and materially adversely affect the company's business, results of operations, financial condition, and cash flows.
- The company derives a significant portion of its revenue from customers located in North America. In the six-month period ended September 30, 2025 and September 30, 2024 and Fiscals 2025, 2024 and 2023 the company's revenue from the customers located in North America accounted for 56.01%, 57.20%, 56.59%, 48.09% and 20.00%, respectively, of its revenue from operations. Any adverse developments in North America could adversely affect the company's business, results of operations, cash flows and financial condition.
- The company may be unable to attract new customers in a cost-effective manner which may adversely affect its business, cash flows, results of operations and financial condition.
- The company's success is dependent on its ability to develop and innovate the company's platform, products and solutions in a cost efficient and timely manner. Any failures to do so or inability of its products/solutions to satisfy the company's customers or perform as desired could adversely impact its business, results of operations, cash flows and financial condition.
- The company has incurred losses of Rs.68.22 million in the six-month period ended September 30, 2024 and Rs.593.78 million in Fiscal 2024 and Rs.877.19 million in Fiscal 2023 and certain of its Material Subsidiaries have also incurred losses in the past and the company may experience losses in the future which could result in an adverse effect on the company's business, cash flows and financial condition.
- The company has undertaken, and may continue to undertake strategic acquisitions, which the company may fails to integrate efficiently and which may not perform in line with its expectations or may be prone to other contingencies.