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Quick Heal To Raise Rs 1200 Crore Through IPO

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Quick Heal, one of India’s fastest growing cyber security companies, is planning to raise around Rs 1,000 to Rs 1,200 crore through initial public offer (IPO), reports ET. If this happens, Quick Heal will become the first software company to get listed after 2002.

According to a report from ET, Quick Heal has hired three investment banks including JPMorgan as underwriters for the issue. It is expected to hit the market in the third quarter. Jefferies and ICICI Securities are being named as lead managers.

Once the company goes IPO route, the valuation of the company could reach around Rs 4,000 crore. One of the source related to the matter has revealed to ET that the board of the company is due to meet this week to discuss the percentage of equity dilution.

Quick Heal was founded in 1993 as CAT Computer Services Ltd. by Kailash Katkar and Sanjay Katkar. The company re-branded itself as Quick Heal Technologies Ltd. and established it’s dedicated R&D lab in 2007.

Currently, the company has 33 branch offices in India and employs more than 1,200 people. It has more than 17 million active customers base across the world. The company reported revenues of around Rs 360 crore for the year ended March. It has partnered with Microsoft and Intel and has a network of more than 15,000 channel partners in around 100 countries worldwide.

Sequoia Capital, which has invested around $13 million (Rs 60 crore) in the company in 2010, will be making partial exit from the company with around 6.5 times return on constant currency terms.

He has been a technology writer since more than five years. At The Tech Portal, he covers gadgets, startups and the good and bad of tech.

Email: [email protected]

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