Upcoming IPO: Capillary Technologies Secures SEBI Approval for IPO to Raise ₹430 Crore

Bengaluru-based SaaS firm Capillary Technologies has received the green light from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The company submitted its Draft Red Herring Prospectus (DRHP) in June 2025. Upon listing, the IPO will be traded on both the BSE and NSE, with JM Financial, IIFL Capital, and Nomura Financial Advisory serving as the book-running lead managers.

According to the DRHP, Capillary Technologies International Pte Ltd, the promoter entity, holds a 65.47% stake in the firm. Other key shareholders include Ronal Holdings (7.53%), AVP Fund – Avataar Ventures (5.51%), Trudly Holdings (4.49%), and Filter Capital India (3.66%).

Capillary Technologies IPO Details

The proposed IPO comprises a fresh issue of equity shares worth up to ₹430 crore, along with an offer for sale (OFS) of up to 1.83 crore shares by existing shareholders.

The company plans to utilise the IPO proceeds to strengthen its cloud infrastructure, invest in research and development, procure IT systems, support strategic acquisitions, and for general corporate purposes.

About Capillary Technologies Limited

Founded in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani, Capillary Technologies provides cloud-native loyalty, CRM, and customer engagement solutions. The company currently supports over 390 brands across 46 countries, including major clients like Tata Digital, Aditya Birla Fashion, and Abbott Laboratories.

Capillary Technologies reported a robust performance in FY25, with revenue climbing to ₹598 crore, marking a 14% year-on-year growth. Notably, the company turned profitable, posting a net profit of ₹14.1 crore, a significant turnaround from a ₹68 crore loss in FY24. To date, Capillary has raised approximately $239 million in funding with Avataar Ventures emerging as the lead investor as per Entrackr.

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