Bengaluru-based SaaS startup Capillary Technologies is set to open its initial public offering (IPO) on November 14, with the issue closing on November 18, as per the company’s revised regulatory filings. The firm has also trimmed the overall size of its public offer compared to earlier plans.
Capillary now aims to raise ₹345 crore through a fresh issue, down from the previously proposed ₹430 crore. The offer-for-sale (OFS) component has also been reduced to 92.2 lakh shares, nearly half of the 1.83 crore shares outlined in its draft prospectus. The equity shares will be listed on both the BSE and NSE.
Regulatory Approvals and Key Advisors
The company had filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in June 2025 and received approval in September. Axis Capital, ICICI Securities, and JM Financial are serving as the book-running lead managers for the issue. The final price band and other key details are expected to be announced in the coming days.
Promoters currently hold a 67.18% stake in the company, while public shareholders own 32.82%. 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%).
Growth and Profitability in Focus
Founded in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani, Capillary Technologies offers cloud-native loyalty, CRM, and customer engagement solutions to over 390 brands across 46 countries, including Tata Digital, Aditya Birla Fashion, and Abbott Labs.
The company reported a 14% year-on-year revenue increase to ₹598 crore in FY25, and achieved profitability with a net profit of ₹14.1 crore, compared to a ₹68 crore loss in FY24.
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