Overview

• SEBI issued its observations on September 22, effectively allowing the Bengaluru-based SaaS firm to proceed with its public offering.
• The issue pairs a Rs 430 crore fresh allotment with an offer for sale of 1.83 crore shares by existing holders.
• OFS sellers include Capillary Technologies International Pte Ltd, Ronal Holdings LLC, Trudy Holdings and Filter Capital India Fund I.
• Use of proceeds includes Rs 120 crore for cloud infrastructure, Rs 151.54 crore for product research and development, and Rs 10.32 crore for computer systems, with additional funds for acquisitions and general corporate purposes.
• JM Financial, IIFL Capital Services and Nomura are book-running lead managers, with shares proposed to list on NSE and BSE as the company reports FY25 revenue of Rs 598 crore and a Rs 13.28 crore profit.