CAPILLARY TECHNOLOGIES IPO GMP
📊 Capillary Technologies IPO Data Summary
| Detail | Data |
| IPO Date (Open – Close) | November 14 – November 18, 2025 |
| Price Band | ₹549 to ₹577 per equity share (Upper End) |
| IPO Size | ₹877.50 crore |
| Issue Type | Fresh Issue (₹345 Cr) + Offer for Sale (OFS) (₹532.5 Cr) |
| Retail Lot Size | 25 shares (₹14,425 at upper band) |
| Day 1 Subscription (Approx.) | 0.28 times (Muted/Slow Start) |
| Expected Allotment Date | November 19, 2025 (Tentative) |
| Expected Listing Date | November 21, 2025 (Tentative) |
📉 Grey Market Premium (GMP) and Trend Suggestion
1. Grey Market Premium (GMP)
The initial investor interest, as reflected in the grey market, has been very low or nil.3
| Metric | Details |
| Latest GMP (Approx.) | ₹0 to ₹45 per share (as of Nov 14, 2025) |
| GMP Percentage | Approx. 0% to 7.8% over the upper price band. |
| Implied Listing Price | Approx. ₹577 to ₹622 (₹577 + GMP) |
Note: The dominant report is that the GMP is currently ₹0, indicating that the unlisted shares are trading flat, suggesting no immediate expectation of a listing gain.4
2. Trend Suggestion: Avoid for Listing Gains (High-Risk Long-Term Play)5
The general consensus from analysts and the weak GMP suggest a downward trend risk for listing gains and a cautious/avoid recommendation for most investors due to the high valuation.
| Key Factor | Impact on Trend | Details |
| Valuation | Negative (Major Risk) | The IPO is priced at an implied P/E ratio of approximately 323x based on FY25 earnings. This is considered highly aggressive and expensive compared to global SaaS peers (who trade at much lower multiples). |
| Profitability | Cautious | The company recently turned profitable in FY25 (₹14.15 Cr PAT) after reporting significant losses in previous years. The profitability is still nascent and thin, which adds risk. |
| Subscription Status | Negative | The Day 1 subscription was very weak at 0.28 times across all categories, indicating low immediate investor appetite. |
| Business Model | Positive (Long-Term Potential) | The company is a global SaaS player in the high-growth AI-powered loyalty and engagement space, with a high Net Revenue Retention (NRR) rate (over 121%), which is a strong fundamental indicator for SaaS businesses. |
Conclusion for Investors:
Short-Term/Listing Gains: Avoid. The negligible GMP and muted Day 1 subscription make a significant listing premium unlikely.6
ÂLong-Term Investors: Avoid or Subscribe with High Risk Tolerance.7 While the business model (AI-powered SaaS, global presence, profitability turnaround) is compelling, the aggressive valuation demands flawless execution for many years to justify the price.8 This IPO is best suited for experienced investors with a high-risk appetite and a very long-term horizon (5+ years).
ÂFinal subscription status once the IPO closes on November 18, which will give a clearer final picture of institutional interest.Â
PLEASE NOTE :Â The information provided on tenneco clean air ipo gmp is given personal opinions and research. Please make your own research before investing.