Bharat Matrimony & Quick Heal Get Approval for IPO

Matrimony.com Pvt Ltd, which owns various matrimony-related consumer internet properties including BharatMatrimony.com, and anti-virus software maker Quick Heal Technologies Ltd have gotten approvals from the capital markets regulator Securities and Exchange Board of India (SEBI) for their proposed initial public offers (IPO).

While Matrimony.com had filed its documents with SEBI in August this year to raise Rs 350 crore ($53.6 million), Quick Heal filed its DRHP in October.

BHARAT MATRIMONY IPO

Matrimony.com

This year, it is the second Indian consumer internet firm to file for IPO, after eCommerce firm Infibeam.com.

Apart from BharatMatrimony, the company also runs portals such as EliteMatrimony.com, CommunityMatrimony.com, AssistedMatrimony.com, MatrimonyDirectory.com and Tambulya.com.

The company, is looking to raise $53.6 million through a fresh issue besides an offer for sale by Bessemer Venture Partners that is looking to exit in the issue. Some other private investors along with mother of the company’s founder and CEO Murugavel Janakiraman are also selling shares in the IPO.

The issue size is not clear yet, but it is expected to be just a little short of what Just Dial issue raised. Local business search venture Just Dial had gone public two years ago through an offer for sale issue where its selling shareholders got a little over Rs 900 crore.

Kotak Investment Banking, Citigroup Global Markets and Deutsche Equities India are managing the public offer.

Quick Heal

Co-founded by brothers Kailash (CEO and CMD) and Sanjay Katkar (CTO and technical director) in 1991, the company was initially called CAT Computer Services Pvt Ltd. Later in 2007, it was renamed as Quick Heal in 2007.

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Quick Heal, which makes anti-virus softwares, has 65 offices in 37 cities across India, the UAE, Japan, Kenya and the US. Recently it entered into a preliminary term sheet to form a new joint venture to distribute, sell and market its offerings in South Africa.

The company is looking to raise up to Rs 250 crore through fresh issue of shares, besides an offer for sale of up to 6.8 million equity shares by promoters and Sequoia Capital.

ICICI Securities, Jefferies and JPMorgan are managing the public offer.

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