Capillary Technologies has selected Nomura, IIFL Capital, and JM Financial to manage its upcoming initial public offering (IPO).
Capillary Technologies, a Software-as-a-Service (SaaS) firm, has enlisted the services of Nomura, IIFL Capital Services (formerly IIFL Securities), and JM Financial for its upcoming public market debut, according to sources familiar with the matter as reported by Moneycontrol.
The company is expected to file its draft papers for the initial public offering (IPO) in the middle of the year and aims to list in the second half of 2025, one of the sources mentioned. It is anticipated that Capillary will seek to raise Rs 1,500 crore ($180 million) through a combination of primary capital and an offer for sale (OFS), another source revealed.
Although the specifics are still being ironed out, Capillary is likely to issue fresh shares valued at approximately Rs 200-300 crore, with the remaining Rs 1,200-1,300 crore to be raised through a share sale, the source added.
Capillary Technologies, IIFL, Nomura, and JM Financial did not respond to inquiries from Moneycontrol.
Based in Bengaluru, Capillary Technologies offers customer engagement and loyalty software services to various companies. The company is returning to the market after a hiatus of more than four years. Capillary initially filed its draft papers with the market regulator in December 2021 but postponed its plans due to market conditions.
Capillary’s decision to revive its IPO plans comes at a time when approximately 25 other new-age companies, such as Groww, Lenskart, and Zepto, are also considering listing on Indian stock exchanges in response to strong investor demand.
Following the successful listing of companies like Swiggy in 2024, a wave of companies is now preparing to go public.
Established in 2008 by IIT-Kharagpur alumni Aneesh Reddy, Ajay Modani, and Krishna Mehra, Capillary Technologies has raised over $200 million from investors such as Warburg Pincus
A substantial portion of the company’s revenue is derived from its larger clients. According to data from Tracxn, a private markets data provider, the company experienced an impressive 80% year-on-year increase in revenue to Rs 600 crore in FY24. Additionally, losses decreased by 33% to Rs 59 crore in the same fiscal year.
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