Capillary Technologies Raises INR 394 Cr From Anchor Investors

Ahead of the commencement of the bidding for its public issue on November 14, SaaS major Capillary Technologies raised INR 393.9 Cr from anchor investors. These investors subscribed to 68.28 Lakh equity shares of the company at a price of INR 577 apiece.  

46.1 Lakh shares or about 68% of the total anchor round were picked up by nine domestic mutual funds through 13 schemes. The domestic mutual funds that have anchored Capillary Technologies IPO are SBI, ICICI Prudential, Kotak, Axis, Aditya Birla Sun Life, Mirae Asset, Edelweiss, PGIM India, and Union Mutual Fund.

Other investors who participated in the round included Amundi Funds, Matthews India Fund, HSBC Global Investment Funds – Asia Ex Japan Smaller Companies, PineBridge India Equity Fund, Hornbill Orchid, and Innoven Capital.

With this, the IPO will open on Friday and subsequently close November 18 (Tuesday). The company’s shares are expected to list on the exchanges on November 21 (Friday).

The customer loyalty and engagement solution provider’s public offer comprises a fresh issue of shares worth INR 345 Cr and an offer for sale (OFS) comprising of 92.29 Lakh shares by existing shareholders.

The company has set a price band of INR 549 to INR 577 per share for the IPO. At the upper end, Capillary is targeting a valuation of INR 4,576 Cr (about $515 Mn).

It intends to utilise the fresh capital raised from the IPO to fund its growth initiatives, repay debt obligations and strengthen its global AI-powered customer engagement platform. 

Meanwhile, promoter Capillary Technologies International Pte Ltd (CTIPL) and investor Trudy Holdings plan on offloading part of their stake via the OFS component

Important to mention that the SaaS major cut its IPO size from a proposed fresh issue of up to INR 430 Cr and an OFS component of up to 1.83 Cr shares, as per its DRHP. Ronal Holdings, Filter Capital India, among other investors, cancelled their plans to offload shares.

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

On the financial front, Capillary reported a net profit of INR 13.3 Cr in FY25, reversing a loss of INR 59.4 Cr in the previous fiscal, while its operating revenue grew 14% YoY to INR 598.3 Cr. In H1 FY26, it recorded a net profit of INR 1 Cr as against a loss of INR 6.8 Cr incurred in the year-ago period, with operating revenue rising 25% YoY to INR 359.2 Cr.