Sequoia Backed Quick Heal Files For An IPO

Anti-virus software maker, Quick Heal Technologies Ltd., which is backed by Sequoia Capital, filed a herring prospectus for a stock listing with the domestic market regulator on Wednesday.

The IPO comprises of a fresh issue of shares to rise up to $38 Mn (INR 250 Cr) and an offer for sale of up to 6.8 Mn equity shares by promoters and Indian units of Sequoia Capital, Quick Heal said in a statement.

Sequoia that currently holds more than 10% stake in Quick Heal, is looking to sell about 4.6 percent of its stake, according to a source familiar with the matter.

ICICI Securities, Jefferies and JP Morgan will be the underwriters, according to Quick Heal.

Of the proceeds of the fresh issue, around $ 16.9 Mn (INR 111 Cr) would be used for advertising and sales promotion, $6.3 Mn (INR 41.8 Cr) on capital expenditure for research and development, $4.5 Mn (INR 30.1 Cr) to buy, develop and renovate office premises in Chennai, Kolkata, Pune and New Delhi, and remaining for general corporate purposes.

Pune-based Quick Heal was co-founded by brothers Kailash (CEO and CMD) and Sanjay Katkar (CTO and technical director) in 1991. Initially called CAT Computer Services Pvt. Ltd, the company later transformed from being a computer maintenance firm to an IT security solutions provider. It was renamed as Quick Heal in 2007.

The company develops anti-virus software and has 65 offices in 37 cities across India, the UAE, Japan, Kenya and the US. A little over 2 per cent of its revenues come from outside India. Quick Heal recently entered into a preliminary term sheet to form a new joint venture to distribute, sell and market its offerings in South Africa.

Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

Unlock 60% OFF
Cancel Anytime
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Sequoia Backed Quick Heal Files For An IPO-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Sequoia Backed Quick Heal Files For An IPO-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Sequoia Backed Quick Heal Files For An IPO-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Sequoia Backed Quick Heal Files For An IPO-Inc42 Media
Sequoia Backed Quick Heal Files For An IPO-Inc42 Media
You’re in Good company