Capillary IPO to Open on Friday, Company to Target $17Bn Addressable Market The IPO will be a fresh issue of equity shares of face value INR 2 each aggregating to INR 345 crores and an offer-for-sale component comprising 92,28,796 equity shares.
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Capillary Technologies India Limited's Initial Public Offering (IPO) opens on Friday, November 14, 2025, with a price band set at INR 549–577 per equity share. The IPO will close on November 18, and investors can bid for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter.
The IPO will be a fresh issue of equity shares of face value INR 2 each aggregating to INR 345 crores and an offer-for-sale component comprising 92,28,796 equity shares.
Net proceeds from the fresh issue of up to INR 1,43 crores will go towards funding the company's cloud infrastructure costs, up to INR 71.581 crores for research and development, up to INR 10.342 crores towards the purchase of computers, and the rest towards funding inorganic growth through unidentified acquisitions and general corporate purposes.
Founded in 2008, the Bengaluru-based Capillary is a software product company offering artificial intelligence (AI)-based cloud-native Software-as-a-Service (SaaS) products and solutions primarily to enterprise customers globally to develop loyalty of its consumers and channel partners.
According to Indian Brand Equity Foundation data, the Indian SaaS space has continued to record a robust growth rate of ~30 per cent on a year-on-year basis. The growth is mainly driven by the rapid adoption of cloud computing, the increase of digitally run companies, the adoption of the work-from-home culture, and online collaboration. The total addressable market for Capillary is USD 17 billion, according to the CEO.
Revenue from India's SaaS market is USD 62.93 billion by 2032, at a CAGR of 27.3 per cent.
According to Capillary, 56 per cent of the company's revenues come from the US market. Europe and the Middle East, and Africa (EMEA) contribute 19 per cent, while the rest 25 per cent comes from its Asia-Pacific business. Company ARR stood at INR 720.10 crore
"People want to move to more automation, better software, and more AI. And that is where Capillary comes in. So, the big switch you're seeing in the broader market is customers moving from agencies or large in-house teams to better software," said Aneesh Reddy Boddu, CEO, Founder, and Managing Director, Capillary.
The company has raised USD 329 million so far, with its last funding round being a USD 95 million series D, according to Tracxn data. Major investors in the company include Qualcomm Ventures, Peak XV, Avatar Ventures, Warburg Pincus, and 32 others.
The company's consolidated revenue from operations for the six months ended September 30, 2025, was INR 359.2 crores, versus the INR 287.17 crores for the corresponding previous period. For FY 25, consolidated revenue from operations stood at INR 598.25 crores, INR 525.10 crores for FY24, and INR 255.37 million for FY23.
Company CFO, COO Anant Chaubey said that the company's goal is to rope in one of the Fortune 500 companies every quarter, with already having 19 on board. Major clients include Aditya Birla, Asics, Indigo, Domino's, Puma, Abbott, and Vishal Mega Mart in India, alongside many others globally.
JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers (BRLM); and MUFG Intime India Private Limited is the registrar of the offer.
