SaaS provider Capillary Technologies revives IPO plan
Capillary Technologies, which provides customer engagement and loyalty software services to companies, is reviving plans for its initial public offering after having shelved its previous attempt in 2021, people aware of the matter said.
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The Bengaluru-based Software-as-a-service company has sought proposals from investment banks this week, and will be choosing underwriters for its proposed public issue through which it could raise as much as Rs 2,000 crore, one of the people said.
“The company is aiming to file its draft papers in 2025…the size of the IPO in this attempt is expected to be bigger than the last time,” another person said, adding that the company has grown significantly since then, while also strengthening its foothold in the US and European markets. “Capillary closed FY24 with around $75 million in revenue,” the person added.
Capillary Technologies, backed by the likes of Warbug Pincus, Peak XV Partners and The Evolvence Group, had first filed its draft prospectus with the Securities and Exchange Board of India in December 2021 but then deferred its plan.
“The plan (now) is to list the company’s Indian entity on the exchanges … the promoter of this entity is Capillary’s Singapore-based holding company, which owns an over 98% stake in the operational India unit,” one of the people said.
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