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Business News/ Market / Stock-market-news/  Quick Heal IPO subscribed 77% on second day
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Quick Heal IPO subscribed 77% on second day

The IPO received bids for 78,35,850 shares against the total issue size of 1,01,37,557 shares

Quick Heal has already raised `133.9 crore through issue of shares to 10 anchor investors.Premium
Quick Heal has already raised `133.9 crore through issue of shares to 10 anchor investors.

New Delhi: The initial public offering (IPO) of software provider Quick Heal Technologies Ltd was subscribed 77% on the second day of the offer on Tuesday.

The 451-crore IPO received bids for 78,35,850 shares against the total issue size of 1,01,37,557 shares, data available with the NSE till 5.00pm showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 27%, while non institutional investors received 10% subscription. On the other hand, retail investors portion was oversubscribed 1.38 times, according to the NSE data.

Quick Heal has already raised 133.9 crore through issue of shares to 10 anchor investors. The company has fixed the price band at 311-321 for its IPO. The IPO, which would close on Wednesday, consists of fresh issue of 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. While the proceeds from the offer of sale would not go to Quick Heal Technologies, the 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.

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Published: 09 Feb 2016, 08:46 PM IST
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