Capillary Technologies’ share price experienced a 5 percent gain following a subdued market debut on Friday, where its shares listed below the issue price. The stock closed at ₹606.50 on the National Stock Exchange (NSE) and ₹606.90 on the Bombay Stock Exchange (BSE), fluctuating between ₹560 and ₹633.90 throughout the trading session.
Initially, the stock opened at ₹571.90 on the NSE, representing a 0.8 percent discount to the offer price of ₹577. On the BSE, the stock began trading at ₹560, nearly 3 percent lower than the issue price, indicating a weaker-than-expected market performance.
The listing reflects cautious investor sentiment despite Capillary’s strong positioning as a software-as-a-service (SaaS) provider specializing in customer engagement and loyalty solutions for major retail and consumer brands globally, according to Shivani Nyati, Head of Wealth at Swastika Investmart.
Nyati suggested that traders allotted shares should consider adopting a medium- to long-term perspective and advised placing a strict stop-loss around ₹520 to mitigate downside risk.
This tempered debut contrasts sharply with the robust demand observed during Capillary’s ₹877.5-crore initial public offering (IPO), which was oversubscribed 52.95 times on the final day. The offer included a fresh issue of ₹345 crore and an offer-for-sale of 9,228,796 shares, priced between ₹549 and ₹577 per share. Ahead of the IPO, the company secured ₹394 crore from anchor investors, demonstrating strong institutional interest.
Analysts had anticipated a solid listing bolstered by significant interest from qualified institutional buyers and Capillary’s position within the rapidly expanding SaaS sector. However, market volatility and a cautious outlook regarding technology-focused IPOs may have negatively impacted the stock’s debut.
Capillary Technologies offers artificial intelligence-driven, cloud-native SaaS products designed to help enterprises enhance consumer and partner loyalty. As trading continues, investors will be keenly observing whether the stock can rebound from its discounted listing and reflect the company’s growth potential in the customer engagement and loyalty solutions market.
Investors remain cautious due to the high competition within the SaaS and marketing technology sectors, increased customer acquisition costs, and the necessity for the company to enhance profitability to support its valuation, Nyati noted.
Published on November 21, 2025.
