Capillary Technologies Files for IPO with SEBI, Plans to Raise USD 50 Mn
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Bengaluru-based SaaS firm Capillary Technologies has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The filing was submitted on Thursday, marking a major step in the company's renewed effort to go public after postponing plans in 2021 due to poor market conditions.
The IPO will include a fresh issue of shares worth USD 50 million (approximately INR 430 crore) and an offer for sale (OFS) of 1.83 crore equity shares. The company's promoter, Capillary Technologies International Pte Ltd, will sell around 1.43 crore shares, which is nearly 77.6% of the OFS.
Other participants in the OFS include institutional investors Ronal Holdings, Trudy Holdings, and Filter Capital, along with individual shareholders such as Sripathi Venkata Ramana Reddy, Harminder Sahni, Adarsh Reddy, Sudhakar Reddy, Sripathi Damodar Reddy, and Manjunath Nanjaiah.
As per the DRHP, Capillary Technologies International Pte Ltd holds a 65.47% stake in the company. Other major shareholders include Ronal Holdings with 7.53%, AVP Fund (Avataar Ventures) with 5.51%, Trudy Holdings at 4.49%, and Filter Capital India at 3.66%.
The company plans to use the IPO proceeds to enhance its cloud infrastructure and invest in product research and development. About INR 120 crore will go towards cloud infrastructure, INR 151.5 crore towards R&D, and INR 10.3 crore for purchasing computer systems. A part of the funds will also be used for potential acquisitions and general corporate purposes.
JM Financial, IIFL Capital, and Nomura Financial Advisory have been appointed as the book-running lead managers for the issue.
Capillary Technologies recently reported a 14% increase in operational revenue, reaching INR 598 crore in FY24. It also turned profitable in FY25, posting a net profit of INR 13.3 crore, compared to a INR 59.4 crore loss the previous year.
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