India, Nov 17, 2025 Capillary Technologies India Limited IPO had a low investor interest on the second day of the offer.
By midday the issue had been subscribed to about 38 percent, and the Grey Market Premium (GMP) of its unlisted shares had moved up to around 5 percent above the IPO price.
What the Subscription Numbers Reveal
According to NSE data, Capillary had gotten bids on Day 2 on about 31.55 lakh shares, out of a total available issue size of 83.83 lakh shares.
The true demonstration of the comparative interest in the small categories of investors was produced by the Retail Individual Investors (RIIs), they had subscribed almost 65 percent of the quota they had been allotted.
Inclusive of the non-institutional investors (NIIs) was 36 percent of the allocation, and the Qualified Institutional Buyers (QIBs) had claimed approximately 29 percent of theirs.
Certain brokerages have a bit of variance in figures. Groww reported that the overall IPO subscription on Day 2 stood at 0.39x, with retail at 0.71x, NIIs at 0.37x, and QIBs at 0.29x.
Such numbers demonstrate that though the IPO is improving over Day 1, its participation is still biased toward several investor groups and especially retail.
Capillary has an IPO that is a combination of a fresh issue and offer for sale (OFS). The company is funding the expansion of its cloud infrastructure, research and development, and expansion of business, among others.
The IPO price range will be Rs549-Rs 577/share.
GMP Trends: Stringent Confidence Among the Traders of the Grey Market
At the grey market level, the company shares, which are not listed, of Capillary are selling 5 percent higher than the upper price band at the IPO, based on Investor Gain data.
This is a minor increase over the 4% that was registered the day before.
These levels are, however, still lower than the contents of the initial 9% premium offered when the IPO was initially priced indicative of the fact that early rich hype has thinned out a little.
Other market indicators have a little less optimistic opinion, According to ETMarkets, the GMP is approximately Rs 24-25, and the listing price would be approximately Rs 601-602, provided that sentiment does not change drastically.
Not all are sure that the premium will be maintained. According to India Today, the GMP has already subsided to considerably higher values than it was earlier in the grey market, hence indicating that the short-term traders might be cooling down.
The Implication of This to Investors
The 5 percent limit in GMP and moderate subscription may be an indication that not all of the investors view the IPO by Capillary as a fast gain listing rather than a long term play.
Although the company has a compelling business of cloud native SaaS solutions to engage customer loyalty and grow, its valuation appears to be demanding.
The growth would have to be exponentially large and better in terms of profitability than Capillary would have to attain to warrant its present pricing.
Capillary intends to deploy part of its IPO funds to develop its cloud platform and continue growth of its AI driven product portfolio, including Loyalty+, Engage+, Insights+, and Rewards+.
The company boasts of being global, operating hundreds of brands in numerous countries.
Risks and Considerations
Experts that have attended the IPO caution of the possible risks. Although the client stickiness rate of Capillary is good, its financials indicate that to deliver on IPO promises, Capillary has to grow efficiently.
The valuation suggested by the price band is very high as well, which does not allow much room for error.
Those who potentially invested in the hope of a listing pop may not be that lucky when growth is slow or when profitability has not been enhanced.
Also, although the participation of anchor investors has been huge, as evidenced by the massive subscription of the IPO, the wider involvement of the populations (particularly institutions) is yet to gain momentum.
Day 2 Capillary Technologies IPO statistics portray a subtle narrative as the issue takes its last days of underpriced subscription.
This flat yet increasing demand, coupled with a reserved yet affirmative grey market, implies that this is not set to be a one day listing payoff but a SaaS expansion play in the long term.
