Antivirus software firm Quick Heal planning IPO in 2014
Pune-based Quick Heal Technologies Pvt Ltd that has made an antivirus solution called Quick Heal is planning to go for an initial public offering (IPO) in India sometime next year. According to The Economic Times, the company is expected to file its draft red herring prospectus and begin the formal listing process next year.
The company was co-founded by brothers Kailash (CEO and CMD) and Sanjay Katkar (CTO and technical director) in 1991. If goes well, it will be the first Indian antivirus software company to go public. Sanjay had stated in the media report that the firm is looking to appoint independent board members in 18 months.
Quick Heal is backed by Sequoia Capital; it raised Rs 60 crore from the VC fund in 2010. In an interview with Techcircle.in last year, Kailash had stated that the company clocked Rs 187 crore in revenues in 2011-2012. It is also touted as the market leader in the Indian ecosystem when it comes to antivirus companies with a 35 per cent market share in the country and 6 million active users. In terms of revenues, India is the most prominent market for the company since it accounts for around 95 per cent of its total business. New Zealand, Australia, the Middle East followed by most of the African countries account for the rest.
Founded as CAT Computer Services Pvt Ltd, the company initially offered computer repairing services. It was rechristened as Quick Heal in 2007. The firm, which began its journey in Pune, has offices in over 23 cities across the country along with those in Japan and the US.
The companies which plan to hit the bourses (or are rumoured to do so) include HomeShop18 and Matrimony.com.
(Edited by Joby Puthuparampil Johnson)