The initial public offering (IPO) of Quick Heal Technologies received tepid response on the first day of the three-day offering. The issue was subscribed close to 0.15 times at 5 pm, stock exchanges data showed.
The retail book was subscribed close to 0.3 times on day one, even as no bid was received from qualified institutional buyers (QIBs). The retail book comprising individual investors received bids for 14.28 lakh shares against 49.52 lakh shares reserved for them.
Non-institutional investors (NIIs) comprising high net worth individuals bid for 0.67 lakh shares against 21.22 lakh shares reserved for them. The NII portion was subscribed 0.03 times.
The company had raised R133.9 crore through a pre-IPO placement to anchor investors. Ten investors, including BNP Paribas Advantage, Reliance MF and Nomura India Stock Mother Fund, have been allotted shares in the anchor placement. The allotment was done at R321 per share.
Quick Heal plans to raise close to R450 crore through the public issue, calculations based on the upper price band of the issue showed. The company has fixed a price band of R311-321 per share.
The IPO comprises both fresh issue and an offer for sale (OFS). While the size of fresh issue is R250 crore, the OFS would be up to 62.7 lakh shares. Private equity firm Sequoia Capital is making a partial exit through the OFS. ICICI Securities, Jefferies and JP Morgan are the book running lead managers for the IPO.