Shares of software provider Quick Heal Technologies, which raised Rs 451 crore through its initial public offer (IPO), saw a choppy debut today on stock exchanges. Its shares opened nearly 5 per cent lower at Rs 305 on the NSE, against issue price of Rs 321. Later, the shares recovered to rise nearly 3 per cent at day's high of Rs 330, before sliding again.
Shares of Quick Heal Technologies ended 20 per cent lower at Rs 254 as compared to its issue price.
The company is a provider of software security products and solutions. The IPO, which closed on February 10, was oversubscribed 11 times at a price band of Rs 311-321 per share.
The IPO consisted 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.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 4.34 times, while retail investors saw 3.8 times subscription. Meanwhile, non-institutional investors category was subscribed a whopping 36.7 times.
Quick Heal had raised Rs 133.9 crore through issue of shares to 10 anchor investors.
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 for general corporate needs.
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