Capillary Technologies to open IPO on Nov 14; cuts issue size

SaaS startup Capillary Technologies is set to launch its initial public offering (IPO) on November 14, with the issue closing on November 18. The Bengaluru-based company has also reduced the size of its public offer.

According to the company’s revised filings, Capillary will raise Rs 345 crore through a fresh issue, compared to Rs 430 crore proposed earlier. The offer-for-sale (OFS) component has also been pared down to 92.2 lakh shares from 1.83 crore shares mentioned in the draft prospectus. The equity shares are proposed to be listed on both the BSE and NSE.

Capillary had filed its Draft Red Herring Prospectus (DRHP) in June 2025 and received SEBI’s approval in September. Axis Capital, ICICI Securities, and JM Financial are the book-running lead managers for the issue. The price band and valuation details are expected to be announced in the coming days.

Promoters currently hold a 67.18% stake in Capillary Technologies India, while 32.82% is owned by public 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%).

Founded in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani, Capillary provides cloud-native loyalty, CRM, and customer engagement solutions to over 390 brands across 46 countries, including Tata Digital, Aditya Birla Fashion, and Abbott Labs.

On the financial front, the company delivered a robust performance in FY25, with revenue rising 14% year-on-year to Rs 598 crore. Capillary also turned profitable during the year, reporting a net profit of Rs 14.1 crore, compared to a loss of Rs 68 crore in FY24.

According to the start-up data intelligence platform TheKredible, Capillary Technologies has raised a total of $239 million in funding to date.