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Quick Heal IPO looks to raise around Rs 450Cr; Sequoia Capital to offload 5.4% of shares

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Software security firm Quick Heal is looking to raise Rs 450 crore through an initial public offering. The price band for the IPO has been set at Rs 311 to Rs 321. ICICI Securities, Jefferies and JP Morgan are the investment bankers managing the issue. The issue opens on February 8 and the face value of each share is Rs 10.

The IPO consists of a fresh issue of shares worth Rs 250 crore. Another 6.3 million shares, worth around Rs 200 crore, is being offloaded by Quick Heal’s promoters Kailash Sahebrao Katkar, Sanjay Sahebrao Katkar and Sequoia Capital.

Sequoia Capital had invested Rs 60 crore in the company way back in 2010 and currently holds about 10% of the company’s shares. The venture capital firm is looking to dilute its stake to about 4.6% in the company.

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 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.

Earlier in September 2015, the Economic Times had reported that Quick Heal is looking to raise Rs 1,200 crore through its IPO. The company had planned for an IPO in 2014 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.

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Financials

According to the company’s draft red herring prospectus, Quick Heal reported a revenue of Rs 292.5 crore, compared with Rs 253.7 crore the previous year. It reported a profit of Rs 56 crore in 2014-15 as compared to Rs 61.5 crore a year ago.

Other tech IPO developments

– In August 2015, Matrimony.com, which runs online match-making portals such asBharatmatrimony.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 2015, 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 2015, 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 2015, 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.

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