Quick Heal plans initial public offer in Dec-Jan

Written by Press Trust of India | Mumbai | Updated: Mar 5 2014, 00:58am hrs
IPOWe are finalising plans for IPO in December-January to fund our expansion into new overseas markets, says Kailash Katkar. Reuters
Pune-based security software-maker Quick Heal Technologies has drawn up plans for an initial public offering in India in December-January to fund its expansion into new markets and product lines.

"We are finalising plans for IPO in December-January to fund our expansion into new overseas markets and launching more products," Quick Heal Managing Director and CEO Kailash Katkar told PTI here.

The promoters own 90 per cent and venture capital fund Sequoia Capital holds 10 per cent equity of the company. The company is yet to finalise size of the IPO and dilution percentage of promoters holding and Sequoia Capital, he said.

In 2010, the Pune-based company was valued at Rs 600 crore, when Sequoia invested Rs 60 crore for a 10 per cent stake.

Sales have grown from Rs 10 crore a decade ago, to over Rs 215 crore in FY 13 and expects to cross Rs 250 crore mark in FY 14, Katkar said.

"Over a span of 20 years the company's R&D has focused on computer and network security solutions. We now plan to expand new products range with the launch of new version of end point security (EPS) in July-August this year. We are also offering data loss prevention and mobile devise management to our customers," Katkar said.

The company has more than 8 million customers in 60 countries. The company has strong global presence with offices in Dubai, Japan, USA and Kenya. It plans to strengthen the staff strength in these offices and looking at opening new office in Europe and Australia in the near future, he added.

QuickHeal, which claims a 35 per cent market share in India's consumer anti-virus market, was founded by Pune-based brothers Kailash Katkar and Sanjay Katkar.

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