SaaS firm Capillary Technologies gets SEBI nod for IPO

SEBI

Bengaluru-based Software-as-a-Service  (SaaS) firm Capillary Technologies India Ltd has received clearance from the markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth Rs 430 crore and an offer for sale (OFS) of 1.83 crore equity shares by existing investors, according to the draft prospectus.

The OFS will see Capillary Technologies International Pte. Ltd sell up to 1.42 crore shares, while other shareholders including Ronal Holdings, Trudy Holdings, and Filter Capital India Fund I, among others, will offload smaller portions.

The company may also consider a pre-IPO placement of up to Rs 86 crore, which would reduce the size of the fresh issue if undertaken.

Proceeds from the fresh issue are proposed to be used for funding cloud infrastructure (Rs 120 crore), research and development (Rs 151.54 crore), purchase of computer systems (Rs 10.32 crore), acquisitions, and general corporate purposes.

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Capillary reported a revenue of Rs 598.26 crore in FY25, up 13.9% from Rs 525.10 crore in FY24. The firm turned profitable with a net profit of Rs 13.28 crore in FY25, compared to a loss of Rs 59.38 crore in the previous year.

Founded in Bengaluru, the company provides AI-based SaaS products focused on loyalty management and customer engagement. Its platforms include Loyalty+, Engage+, Insights+, Rewards+, and a customer data platform. As of March 2025, it claims to serve over 390 brands across 45 countries, including clients such as Aditya Birla Fashion and Retail, Tata Digital, Abbott, and Frontier Communications.

JM Financial, IIFL Capital Services, and Nomura Financial Advisory are the lead managers to the issue.