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Quick Heal IPO to hit the market on February 8

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Quick Heal, Anchor Investors, IPO, Stock Market ,Quick Heal Technologies

Mumbai: Antivirus maker Quick Heal Technologies has declared the price band of Rs.311 to Rs. 321 for its IPO which will hit the markets on February 8.

The company will be raise Rs. 250 crore through the offering. It will offer up to 6.27 million shares being sold by promoters Kailash Sahebrao Katkar and Sanjay Sahebrao Katkar, and private equity firm Sequoia Capital.

The company said it will use the proceeds of the sale to invest in R&D, advertising, and for buying new offices in Kolkata, Pune and New Delhi.

"The IPO will help us create value for our employees and allow us to push further into the enterprise market. We would also be looking at small-time acquisitions to improve our technology capabilities with the help of the IPO proceeds," Quick Heal Managing Director and Co-Founder, Sanjay Katkar told.

Quick Heal has seen revenues grow from Rs. 214.6 crore in FY 2013 to Rs. 292.2 crore in FY 2015.

However, profits have consistently declined over the last three years. In FY 2013, net profits stood at Rs. 77.5 crore, which dropped to Rs. 61.5 crore in FY 2014, and further to Rs. 56.2 crore in FY 2015.

 

 

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