Bengaluru-headquartered Capillary Technologies India, an enterprise-grade SaaS (software as a service) tech provider in the loyalty domain, has launched its ₹877.5-crore IPO at a time when SaaS valuations have normalised globally, and investor expectations around profitability, cash flow and unit economics have become more stringent.

Capillary’s public issue totals ₹877.5 crore, consisting fresh issue of ₹345 crore (59.8 lakh shares) and offer for sale (OFS) of ₹532.5 crore (92.3 lakh shares) at the upper end of the ₹549-577 price-band. The selling shareholders in the OFS are CTIPL (promoter entity) and Trudy Holdings (investor).

The company plans to deploy funds from fresh issue mainly towards cloud infrastructure (₹143 crore), product development and R&D (₹71.6 crore), computer hardwar

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