Capillary Tech IPO: Price Band Set At INR 549-577, Seeks $515 Mn Valuation

SUMMARY

Capillary Technologies has set the price band for its IPO at INR 549 to INR 577 per share

At the upper end of the price band, the IPO values the company at about INR 4,576 Cr (about (about $515 Mn)

The IPO comprises a fresh issue of INR 345 Cr and an offer-for-sale (OFS) component of up to 92.29 Lakh shares. At INR 577 per share, the total size of the issue would be around INR 877 Cr

Bengaluru-based SaaS company Capillary Technologies has set the price band for its IPO at INR 549 to INR 577 per share.

At the upper end of the price band, the IPO values the company at about INR 4,576 Cr (about (about $515 Mn).

The IPO comprises a fresh issue of INR 345 Cr and an offer-for-sale (OFS) component of up to 92.29 Lakh shares. At INR 577 per share, the total size of the issue would be around INR 877 Cr.

The public issue will open for subscription on November 14 and close on November 18. Anchor bidding will take place on November 13, while the company’s shares are expected to list on the exchanges on November 18.

Promoter Capillary Technologies International Pte Ltd will offload 85.41 Lakh shares via the OFS, while Trudy Holdings will sell 6.88 Lakh shares.

Notably, the company cut the size of its public issue in its RHP compared to its draft papers, which proposed INR 430 Cr fresh issue and an OFS of up to 1.83 Cr shares.

Several existing shareholders including Ronal Holdings, Filter Capital India, Sripathi Venkata Ramana Reddy, Harminder Sahni, Adarsh Reddy B, Sudhakar Reddy Katanguri, Sripathi Damodar Reddy and Manjunath Nanjaiah cancelled their plans to sell shares via the OFS.

The company plans to use INR 143 Cr from the fresh issue proceeds for cloud infrastructure, while INR 71.6 Cr will be used for research, design and product development. It has earmarked INR 10.3 Cr for buying computer systems, while the balance will be used for unidentified acquisitions and general corporate purposes.

Founded in 2008 by Aneesh Reddy, Capillary Technologies provides AI-driven, cloud-native software for customer engagement and loyalty management. Its product suite, which includes Loyalty+, Engage+, Insights+, Rewards+ and CDP, helps brands run loyalty programmes and offer real-time, personalised experiences. The company claims to serve more than 410 brands across 47 countries.

On the financial front, Capillary Technologies reported a net profit of INR 1 Cr in the first half of FY26 compared to a loss of INR 6.8 Cr in the same period last year. Operating revenue rose 25% YoY to INR 359.2 Cr.

For FY25, the company posted a net profit of INR 13.3 Cr against a loss of INR 59.4 Cr in the previous year. Revenue grew 14% YoY to INR 598.3 Cr during the year.