Quick Heal, L&T arm, two others plan public issues
TANYA THOMAS RAJESH KURUP MUMBAI, SEPTEMBER 28: BUSINESS LINE
Quick Heal Technologies, a Pune-based security software company — whose anti-virus software most Indians would be familiar with — is planning to raise about ₹600 crore from the primary market. According to sources, the company will file its draft offer document with the Securities and Exchange Board of India by the end of the week.
The company was founded by brothers Sanjay and Kailash Katkar as CAT Computer Services (P) Ltd in 1993. The company’s current valuation could not be confirmed. Private equity investor Sequoia Capital is looking to partially exit from the company through the public offer. When contacted, the company declined to offer a comment.
Similarly, Gurgaon-based auto ancillaries company Sandhar Technologies — which manufactures latches, hinges, locking systems, and handles — is also planning to raise ₹400-500 crore through the primary market. In other news that will excite the primary market, L&T Infotech, the technology subsidiary of construction major L&T, has filed its draft offer document with capital markets regulator SEBI. According to a filing that parent company L&T made with the BSE, the subsidiary will be spun off and listed separately. The public issue — entirely an offer-for-sale by L&T — is for 1.75 crore equity shares of face value ₹1 each.
Punjab-based auto ancillary company GNA Axles has also filed its draft red herring prospectus with SEBI. The IPO consists of a fresh issue of 63 lakh equity shares of face value ₹10 each, constituting 29.35 per cent of the post-issue paid-up capital of the company. The issue size, according to sources, will be between ₹150-170 crore. The proceeds will be used for the purchase of plant and machinery, to meet working capital requirements and for general corporate purposes.
(This article was published on September 28, 2015)