Bengaluru – Loyalty management solutions provider Capillary Technologies has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a Rs 2,250 crore (~$265 million) Initial Public Offering (IPO), marking a significant step toward entering public markets.
The proposed IPO comprises a fresh issue of equity shares worth Rs 430 crore (~$50 million) and an offer for sale (OFS) of 1.83 crore equity shares by existing shareholders, as per the filing.
🔍 Key IPO Details:
- Fresh Issue: Rs 430 crore
- Offer for Sale: 1.83 crore shares
- Promoter Stake Offloading:
- Capillary Technologies International Pte. Ltd: ~1.43 crore shares (77.6% of OFS)
- Other Sellers: Ronal Holdings, Trudy Holdings, Filter Capital, and individuals including Sripathi Venkata Ramana Reddy, Harminder Sahni, and others
Capillary’s shares are set to be listed on both the NSE and BSE, with JM Financial, IIFL Capital, and Nomura Financial Advisory appointed as book-running lead managers.
📈 Financials at a Glance:
Capillary Technologies reported a 14% YoY growth in revenue, climbing from Rs 525 crore in FY24 to Rs 598 crore in FY25. Notably, the company turned profitable in FY25, posting a net profit of Rs 14.1 crore, a sharp rebound from a net loss of Rs 68.3 crore in FY24.
🔬 Use of IPO Proceeds:
According to the DRHP, the net proceeds from the fresh issue will be allocated toward:
- Cloud infrastructure and hosting-related costs
- Research, design, and product development
- General corporate purposes
🧾 Shareholding Snapshot (Pre-IPO):
| Shareholder | Holding (%) |
|---|---|
| Capillary Technologies Intl Pte Ltd | 65.47% |
| Ronal Holdings | 7.53% |
| AVP Fund (Avataar Ventures) | 5.51% |
| Trudly Holdings | 4.49% |
| Filter Capital India | 3.66% |
📌 About Capillary Technologies:
Founded in Bengaluru, Capillary Technologies offers AI-powered loyalty management and customer engagement solutions to enterprise clients across Asia, the Middle East, and the U.S. The IPO marks a milestone in its journey from a SaaS innovator to a publicly listed company.
🏁 The Road Ahead
With the DRHP filed and financials showing positive traction, Capillary’s IPO is one of the most anticipated listings in the Indian SaaS space for 2025. The move is expected to enhance the company’s growth trajectory and bolster its R&D and cloud investments.
