SaaS major Capillary Technologies has officially filed its Red Herring Prospectus (RHP) with market regulator SEBI, setting the stage for its much-awaited Initial Public Offering (IPO). The public issue will include a fresh issue of shares worth up to ₹345 crore and an offer for sale (OFS) of 92.29 lakh equity shares.
The IPO will open for public subscription on November 14, 2025, and close on November 18, 2025. The company’s shares are expected to be listed on the BSE and NSE on November 21, 2025. Anchor investor bidding is scheduled for November 13, 2025, a day before the issue opens for the general public.
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Capillary Technologies Cuts IPO Size
In an interesting move, Capillary Technologies has reduced the size of its IPO compared to what was initially proposed in its Draft Red Herring Prospectus (DRHP).
The company has brought down the fresh issue size from ₹430 crore to ₹345 crore and trimmed the OFS from 1.83 crore shares to 92.29 lakh shares.
This reduction indicates a strategic adjustment based on current market conditions, investor sentiment, and the company’s capital requirements.
Key Details of the Offer for Sale (OFS)
As per the RHP, Capillary Technologies International Pte Ltd (CTIPL), the promoter entity, will offload 85.41 lakh shares in the OFS. Another shareholder, Trudy Holdings, will sell 6.88 lakh shares.
Interestingly, some early investors such as Filter Capital India and Ronal Holdings—who were earlier part of the OFS in the draft filing—have decided to withdraw from the sale, signaling their continued long-term confidence in the company’s growth trajectory.
About Capillary Technologies
Founded in 2012, Capillary Technologies is a leading Software-as-a-Service (SaaS) company specializing in customer loyalty and engagement solutions for global brands. The company leverages artificial intelligence (AI) and data analytics to help businesses improve customer retention, enhance loyalty programs, and optimize marketing performance.
With a strong international presence across Asia, the Middle East, and the U.S., Capillary has built partnerships with several Fortune 500 brands in retail, luxury, and FMCG sectors.
The proceeds from the fresh issue are expected to be used for growth initiatives, debt repayment, and general corporate purposes.
What Investors Should Know
Capillary Technologies’ IPO comes amid renewed investor interest in SaaS and technology-driven IPOs in India. By reducing the issue size, the company appears to be taking a measured approach, ensuring better pricing and demand stability.
Market analysts view the Capillary Technologies IPO as an exciting opportunity in the Indian SaaS landscape, given the company’s proven business model, global clientele, and steady financial performance.
As the subscription date nears, all eyes will be on investor response and anchor participation, which could set the tone for another high-profile tech listing on Indian stock exchanges.
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