Capillary Technologies receives SEBI approval to raise Rs 430 crore via IPO

Capillary Technologies, the Bengaluru-based SaaS firm known for its customer engagement and loyalty management solutions, has received clearance from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).

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The regulator issued its observations on September 22, a procedural green light for the public issue.

The IPO will comprise a fresh issue of up to Rs 430 crore and an offer for sale of up to 1.83 crore shares by existing shareholders. Investors offloading their stakes include Capillary Technologies International Pte. Ltd., Ronal Holdings LLC, Trudy Holdings, Filter Capital India Fund I, Sripathi Venkata Ramana Reddy, Harminder Sahni, Adarsh Reddy B, Sudhakar Reddy Katanguri, Sripathi Damodar Reddy, and Manjunath Nanjaiah.

Capillary intends to deploy the fresh capital towards expanding its cloud infrastructure, investing in research and product development, purchasing IT systems, funding acquisitions, and meeting general corporate needs.

JM Financial, IIFL Capital Services, and Nomura Financial Advisory are the book-running lead managers for the issue, which will be listed on the BSE and NSE.

Founded in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani, Capillary claims that it serves over 390 brands across 46 countries, including Tata Digital, Aditya Birla Fashion & Retail, Domino’s, Arvind Fashions, and Abbott Labs. The company positions its AI-powered platform as a driver of customer loyalty and engagement.

Capillary reported a profit of Rs 13.28 crore in FY25, reversing losses of more than Rs 59.38 crore in the previous year. Revenue climbed 14% year-on-year to Rs 598 crore. According to disclosures, Capillary Technologies International Pte Ltd, the promoter entity, holds a 65.47% stake, while investors such as Ronal Holdings, Avataar Ventures, Trudly Holdings, and Filter Capital also feature prominently on the cap table.