Moneycontrol Bureau
Shares of Quick Heal Technologies saw tepid listing on Thursday. After a 5 percent fall in opening at Rs 305, the stock immediately bounced back with 3 percent gains to hit an intraday high of Rs 330 on the National Stock Exchange. However, it could not sustain those gains for long.
It declined more than 9 percent to hit day's low of Rs 291.55. At 10:27 hours IST, the stock was trading at Rs 311.4, down 2.99 percent amid volumes of 66,09,154 equity shares.
The antivirus software provider raised Rs 451 crore through its initial public offer (IPO) last week. 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 investor Sequoia Capital India Investment Holdings III.
Proceeds from the offer of sale will not go to Quick Heal Technologies but Rs 250-crore funds raised from fresh issue will be used by the company for advertising &sales promotion and capital expenditure for research & development. It will also invest some funds for purchasing office premises in Kolkata, Pune and New Delhi, as well as for general corporate needs.
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