Software security firm Quick Heal is planning to raise Rs 1,200 crore through an initial public offering, reports the Economic Times. The publication added, citing sources, that the company will be hitting the markets in the third quarter this year and that it has appointed JP Morgan, ICICI Securities and Jefferies as lead managers for the issue.
ET added that the board of Quick Heal is due to meet this week to finalise the exact percentage of equity dilution and that Sequoia Capital, which invested Rs 60 crore in the company, will make a partial exit with nearly 6.5 times return on constant currency terms.
Note that Quick Heal has still not filed its draft red herring prospectus (DRHP) with markets regulator SEBI.
Quick Heal was started out in 1993 as CAT Computer Services (P) Ltd and functioned primarily as a computer service center. It pivoted its business and pioneered anti-virus research and development in India. Kailash Katkar functions as the chief executive officer while Sanjay Katkar operates as the company’s chief technology officer.
The firm, which counts the likes of Just Dial and Apollo Hospitals among its largest enterprise customers. The company claims more than 17 million active customers and installations in more than 25,000 small, medium and large enterprises. Quick Heal also says that its revenue mix is 70% in retail and about 30% in corporate. Currently, the company has 33 branch offices in India and consists of 1,200 people in its team and a network of 15,000 channel partners in hundred countries.
The company had planned for an IPO last year it was delayed for over a year because the company was unable to prepare and finalize the audit reports in expected time. The company at the time had planned expansion to the US and Europe. The company had reported revenues of Rs 260 crore in March 2013.
Other tech IPO developments
– In August, Matrimony.com, which runs online match-making portals such as Bharatmatrimony.com, said that it is looking to raise Rs 350 crore via an IPO. The Chennai-based company appointed Kotak Mahnidra Bank and Citigroup Global Markets and Deutsche Equities India as managers for the issue. More on that here.
– In July, Ahmedabad-based online marketplace Infibeam said that it is looking to raise Rs 450 crore through an initial public offering (IPO) and filed papers with markets regulator. It is interesting to note that Infibeam will be going through the traditional IPO route and is looking to list on the main board of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company won’t be listing on the institutional trading platform (ITP) for startups and technology companies announced by SEBI chairman UK Sinha.
– It was reported in May that the Vodafone Group revived its plan to launch an IPO for its Indian subsidiary Vodafone India next year. The company is apparently looking to raise as much as $4 billion through this IPO, which would make it one of the largest ever in the country. Vodafone Group was expected to take a final call on the valuation by August 2015, and complete the IPO process by the end of Q4-FY16.
– In April, Videocon Group’s direct-to-home (DTH) arm Videocon d2h scrapped its IPO plans again, apparently to start the process from scratch. Videocon d2h had re-filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an IPO, in September last year, and was looking to raise up to Rs 700 crore through this offering. It was also planning to raise up to Rs 50 crore through a pre-IPO placement of up to 5 million shares, with a face value of Rs 10 each.