Quick Heal IPO oversubscribed almost 11 times

The initial public offer (IPO) of software provider Quick Heal Technologies was oversubscribed 10.78 times on the last day of the offer today.
The Rs 451-crore IPO received bids for 10,93,20,930 shares against the total issue size of 1,01,37,557 shares, data available with the NSE till 1900 hrs showed.
The portion set aside for qualified institutional buyers (QIBs) has been subscribed 4.34 times, while retail investors saw 3.8 times subscription, sources said.
Meanwhile, non institutional investors category was subscribed a whopping 36.7 times.
Quick Heal has already raised Rs 133.9 crore through issue of shares to 10 anchor investors.
The company has fixed the price band at Rs 311-321 for its IPO.

The IPO, which would close today, consists of fresh issue of Rs 250 crore and an offer for sale of about 62.70 lakh equity shares by promoters Kailash Sahebrao Katkar and Sanjay Sahebrao Katkar, as well as Sequoia Capital India Investment Holdings III.

ICICI Securities, Jefferies India and JPMorgan India are the book running lead managers while Link Intime India is the registrar to the public issue.
Quick Heal is the third company this year to have come out with an IPO after TeamLease Services and Precision Camshafts Limited.
While the proceeds from the offer of sale would not go to Quick Heal Technologies, the Rs 250-crore funds raised from fresh issue of equity shares would be used by the company for advertising and sales promotion and capital expenditure for research and development.

The proceeds would also be invested to purchase, develop and renovate its office premises in Kolkata, Pune and New Delhi, as well as general corporate needs.
The company is a provider of security software products and solutions in India.
Quick Heal's equity shares are proposed to be listed on BSE and NSE.