Tracing Capillary Tech’s Blueprint To D-Street

Until FY20, India was Capillary’s playground, but an aggressive acquisition spree in the US since 2021 inverted the equation, and North America now contributes 57% of its total revenue

However, this heavy reliance on the US brings its own set of headaches, exposing the company to geopolitical volatility and regulatory shifts in a single market

With its public issue oversubscribed 52X and the grey market signalling a premium of nearly 5% over its issue price, we look at its IPO playbook, business model and…