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Sequoia Backed Quick Heal Files For An IPO

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.

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Nandini Chandra

Inc42 Staff

A passion for writing is what brings Nandini to Inc42. When she's not devouring fantasy tales and Japanese anime, she spends her time reading, traveling and scavenging for the best bakeries in town.
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