Capillary Technologies Moves Closer to IPO with Board Approval

Bengaluru-based loyalty management firm Capillary Technologies is progressing towards its stock market debut, having secured board approval for a ₹2,250 crore (approximately $265 million) Initial Public Offering (IPO).

IPO Structure: Fresh Issue and Offer for Sale

According to a regulatory filing with the Registrar of Companies, Capillary’s board has approved a special resolution to raise up to ₹500 crore ($59 million) through a fresh issue of equity shares, along with an Offer for Sale (OFS) of up to ₹1,750 crore ($205 million). This marks a significant milestone in the company’s IPO journey.

ESOP Pool Significantly Expanded Ahead of IPO

In preparation for its public listing, Capillary Technologies has also expanded its Employee Stock Ownership Plan (ESOP) pool by 123%, increasing the number of stock options from 32.6 lakh to 72.91 lakh. This now represents 9.04% of the company’s total share capital.

According to a report by Entrackr, the newly expanded ESOP pool is valued at around ₹212 crore, out of a total estimated pool value of ₹384 crore.

Also Read: Upcoming IPOs in June 2025: No Mainboard IPO Scheduled for Listing

Funding and Strategic Expansion

To date, Capillary Technologies has raised over $240 million, including a $140 million Series D round in February last year. Of that, $20 million was allocated to employee payouts via the ESOP program.

Earlier this month, as part of its strategic growth initiatives, the company expanded its footprint in North America by acquiring Kognitiv, a provider of omnichannel loyalty solutions.

About Capillary Technologies

Founded by Aneesh Reddy, Krishna Mehra, and Ajay Modani, Capillary Technologies is a SaaS platform specialising in customer loyalty solutions. The company empowers brands to deliver real-time, personalised, and seamless experiences across various customer touchpoints.

Operating across the US, India, the Middle East, and Asia, Capillary supports over 100 loyalty programs and partners with more than 250 brands, including well-known names like Tata, PUMA, Shell, and Al-Futtaim.

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