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Capillary Technologies IPO Listing: The listing of Capillary Technologies went against the expectations created by the subscription figures. This SaaS company, which received bids up to 53 times during its IPO, disappointed investors as soon as it entered the market on November 21.

The stock opened 2.9% lower at ₹560 on BSE and 0.88% loss on NSE at ₹571.90, while the issue price was fixed at ₹577. The company’s IPO of ₹ 877.70 crore had definitely created enthusiasm among investors, new shares worth Rs 345 crore and offer-for-sale of Rs 532 crore made it a strong issue.

But from the very first minute of listing it became clear that the market is currently cautious about the SaaS sector, no matter how great the subscription has been.

The company was started in 2008 and today its headquarters is in Bengaluru. Promoters Capillary Technologies International Pte Ltd and Anish Reddy Boddu had already raised about ₹394 crore from anchor investors before the IPO, showing early confidence in the issue.

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Financial performance: Revenue increased, but profit limited

Capillary Technologies’ revenue increased by 14% to ₹611.87 crore in FY25. But along with this, the net profit of the company was only ₹ 14.15 crore, which is considered limited as per the scale model of SaaS companies.

Even during the period April–September 2025, the revenue stood at ₹362 crore, but the profit was reduced to only ₹1.03 crore. Most importantly, the company has a debt of ₹88.94 crore, which was seen as a risk factor from the market perspective.

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Where will the IPO money go? (Capillary Technologies IPO Listing)

The company has clearly stated that the funds will be used in several strategic areas:

• To meet the cost of cloud infrastructure
• In research and development of new products and platforms
• In computer system and technology upgrade
• Inorganic growth through potential acquisitions
• To meet general corporate needs

These investments can definitely strengthen the company in the long run, but in the short-term the market has given a ‘wait-and-watch’ message on its listing.

The story of Capillary Technologies is the same between the excited IPO and weak listing, subscription does not always change the market sentiment. Now the real test begins to see how the company wins back investor confidence in the next quarters.

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