Bengaluru-based SaaS company Capillary Technologies to open IPO on November 14; cuts issue size

Bengaluru-based SaaS firm Capillary Technologies India is set to open its initial public offering (IPO) on November 14, with the issue closing on November 18.

The company has filed its Red Herring Prospectus (RHP) with the Registrar of Companies on November 7. The anchor book will open a day earlier, on November 13, and the shares is expected to be listed on both the BSE and NSE effective November 21, following the allotment on November 19.

Capillary has reduced the size of its public offer, revising its fundraising plan to Rs 345 crore through a fresh issue of shares, compared to Rs 430 crore proposed earlier.

The offer-for-sale (OFS) has also been pared down to 92.28 lakh shares from the 1.83 crore shares mentioned in its earlier draft prospectus. The OFS will see sales by promoter Capillary Technologies International and investor Trudy Holdings.

Founded in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani, Capillary provides AI-driven, cloud-native loyalty and customer engagement software used by over 390 brands across 46 countries, including Tata Digital, Aditya Birla Fashion, and Abbott Labs. The company’s technology suite includes loyalty management, CRM, and customer data platforms, designed to help brands drive engagement and retention.

The company plans to allocate Rs 143 crore from the proceeds towards cloud infrastructure expansion, Rs 71.6 crore towards research and product development, and Rs 10.3 crore for purchase of computer systems. The remaining funds will be directed towards inorganic growth initiatives and general corporate purposes.

On the financial front, Capillary reported a 14% year-on-year rise in FY25 revenue to Rs 598 crore, turning profitable with a net profit of Rs 14.1 crore, compared to a loss of Rs 68 crore in FY24. For the six months ended September 2025, the company recorded a profit of Rs 1.03 crore, against a loss of Rs 6.8 crore in the same period last year, while revenue grew 25% to Rs 359.2 crore.

As of September 2025, promoters hold 67.18% of Capillary Technologies India, with 32.82% held by shareholders. Key investors include Ronal Holdings (7.53%), AVP Fund (5.51%), Trudy Holdings (4.49%), Filter Capital India Fund (3.66%), and Schroders Capital (1.54%).

JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.