Quick Heal Plans to Go Public and Raise Around $182M at Valuation of $605M

Quick heal Plans IPO; Aims to Raise Around $182M - Image Source

Quick Heal Plans IPO; Aims to Raise Around $182M – Image Source

IT security solutions provider Quick Heal which was founded in 1993 as CAT Computer Services Ltd. by Kailash Katkar and Sanjay Katkar, is planning to raise $151 million to $182 million through IPO. The company rebranded itself as Quick heal technologies and established its R&D lab in 2007. The IPO could value the company at around $605 million. If the deal happens, Quick Heal will become first Indian software company listed after 2002.

It plans to use the funds to expand its presence to the United States and Europe. Currently, its presence in Japan, Africa and the United Arab Emirates.

The firm has hired investment bank JPMorgan as underwriters for the issue, while while Jefferies and ICICI Securities mandated as lead managers. Sequoia Capital which invested $9.1 million five years back, will exit with a return of 6.5 times on constant currency terms.

Also Read: Indian IPO Market Includes 7 Listings, 23 Approvals in H1, 2015

Currently, the company has 33 branch offices in India and consists of 1,200 people in its team. It has more than 17 million active customers base across the world with a network of more than 15,000 channel partners in around 100 countries worldwide. The company reported revenues of around $55 million for the year ended March. It has partnered with Microsoft and Intel.

The firm had initially planned the IPO for mid-2014, but it was delayed for over a year because the company was unable to prepare and finalize the audit reports in expected time.

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