Capillary Technologies has cut the size of its upcoming IPO on the back of healthy internal cash generation and reduced secondary sales by existing investors, said the firm's cofounder and CEO Aneesh Reddy to Moneycontrol.

The SaaS-based customer loyalty and engagement platform, which initially planned a Rs 430 crore primary issue, has trimmed it to Rs 345 crore ahead of its market debut. The offer-for-sale (OFS) component has also been reduced to 92.2 lakh shares from 1.83 crore shares mentioned in the draft prospectus.

In an interview with Moneycontrol Reddy said the company’s decision was driven by healthy free cash flows and investor choices.

“Initially it was supposed to be a Rs 430 crore primary, and it's now a Rs 345 crore primary. We’ve generated about Rs 55 crore of free cash i

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