Capillary Technologies India, the Bengaluru-headquartered SaaS company known for its AI-driven customer engagement and loyalty solutions, has officially announced the launch of its initial public offering (IPO) on November 14, 2025. The issue will remain open for subscription until November 18, with shares expected to list on both the BSE and NSE on November 21 following allotment on November 19.

The company filed its Red Herring Prospectus (RHP) with the Registrar of Companies on November 7, confirming that the anchor book will open on November 13, a day before the main issue.

Reduced IPO Size and Offer Details
Capillary Technologies has scaled down its fundraising target to Rs 345 crore through a fresh issue of shares, compared to Rs 430 crore proposed earlier in its draft prospectus. The offer-for-sale (OFS) has also been reduced to 92.28 lakh shares from the earlier 1.83 crore shares.

The OFS will include sales from promoter Capillary Technologies International and investor Trudy Holdings, reflecting a strategic decision to balance market demand with ownership control.

Company Background and Business Overview
Founded in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani, Capillary Technologies has emerged as one of India’s leading global SaaS platforms. The company provides AI-powered, cloud-native loyalty and customer engagement software that helps brands enhance retention and engagement.

Its clientele includes more than 390 global brands across 46 countries, such as Tata Digital, Aditya Birla Fashion, and Abbott Laboratories. Capillary’s technology stack spans loyalty management, CRM, and customer data platforms, all built to deliver seamless customer experiences powered by automation and analytics.

Use of IPO Proceeds
Capillary Technologies plans to allocate:

  • Rs 143 crore for expanding its cloud infrastructure

  • Rs 71.6 crore towards research and product development

  • Rs 10.3 crore for purchase of computer systems
    The remaining funds will be used for inorganic growth initiatives and general corporate purposes, enabling the company to strengthen its competitive edge in the SaaS and AI markets.

Financial Performance
The company has shown strong growth and profitability momentum in FY25. Capillary reported a 14% year-on-year increase in revenue to Rs 598 crore and turned profitable with a net profit of Rs 14.1 crore, compared to a loss of Rs 68 crore in FY24.

For the six months ending September 2025, revenue rose 25% to Rs 359.2 crore, while profit stood at Rs 1.03 crore, a turnaround from a loss of Rs 6.8 crore in the same period last year.

Ownership and Key Investors
As of September 2025, promoters hold 67.18% of the company, while shareholders own 32.82%. Notable investors include:

  • Ronal Holdings (7.53%)

  • AVP Fund (5.51%)

  • Trudy Holdings (4.49%)

  • Filter Capital India Fund (3.66%)

  • Schroders Capital (1.54%)

Lead Managers and Registrars
JM Financial Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. will act as the registrar for the IPO.

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