Capillary Technologies Gears Up for IPO – Here’s Everything You Need to Know

Capillary Technologies is back in the spotlight as it takes another shot at going public. The Bengaluru-based software firm, known for helping brands build customer loyalty through tech, has filed fresh papers with market regulator SEBI to launch its long-awaited IPO. This time, it looks more prepared, with solid financials and a clear roadmap.

What’s the IPO All About?

Capillary is looking to raise ₹430 crore through a fresh issue of shares. In addition to that, existing investors and promoters are planning to sell about 1.83 crore shares through an offer-for-sale (OFS). These include early backers like Capillary Technologies International Pte Ltd, Ronal Holdings, and a few others.

While the company hasn’t revealed the exact dates or the price band just yet, industry sources suggest the IPO could open for subscription in the last week of June. The shares will be listed on both NSE and BSE once everything is in place.

How the Money Will Be Used

The fresh capital raised will mostly go toward strengthening Capillary’s tech infrastructure and innovation pipeline. Here’s a rough breakup of where the funds will go:

• ₹120 crore to boost cloud services and technology backend

• ₹151.5 crore for research and product development

• ₹10.3 crore for computer hardware upgrades

• The rest will support new acquisitions and general business needs

It’s clear the company is looking to double down on AI and tech innovation to stay competitive in a fast-moving market.

A Look at the Company

Founded back in 2008 by a trio of IIT-Kharagpur graduates, Capillary Technologies has quietly become a global player in the customer engagement space. Its tools help brands manage loyalty programs, understand customer data, and run targeted campaigns using AI.

Capillary has built a presence in over 45 countries and serves big names in retail, hospitality, and fashion. You’ll find its offices in the U.S., UK, UAE, Singapore, and of course, India.

Financial Turnaround

One of the most exciting parts of this IPO is Capillary’s financial recovery. After facing losses in FY24, the company posted a profit of ₹13.28 crore in FY25. Revenue also jumped from ₹525 crore to ₹598.3 crore.

That kind of turnaround—especially in the tech space—is a strong sign for investors and adds weight to the IPO narrative.

Who’s Selling in the OFS?

Some of the existing shareholders are using this IPO as a chance to exit or reduce their stakes. This includes both institutional investors and some of the company’s early founders or executives. While it’s common in IPOs, it also means fresh faces might join the cap table post-listing.

Where Capillary Stands in the Market

Capillary is one of the few Indian tech companies offering such advanced AI-powered customer engagement solutions. Globally, it competes with big players like Salesforce and Adobe, but in India, it enjoys a relatively niche position.

Its key products—Loyalty+, Engage+, Insights+, Rewards+, and Customer Data Platform—are already in use by over 390 brands. The IPO funds will likely help expand these offerings even further.

What Happens Next?

Here’s what to watch for in the coming days:

• Final IPO dates and price band announcement

• Grey Market Premium (GMP) activity picking up

• SEBI’s approval and listing confirmation

• How investors respond during the subscription window

All eyes will be on how the market receives this tech IPO, especially since it’s coming from a company that’s now profitable and looking to grow aggressively.

In Summary

Capillary Technologies is stepping onto the public stage with a strong product, a proven global footprint, and a financial comeback story. The ₹430 crore IPO is more than just a funding event—it’s a key moment for India’s SaaS ecosystem.

If all goes well, Capillary could become one of the rare success stories in Indian tech going public at a time when many others are holding back.