Matrimony.com Pvt Ltd, which owns a string of matrimony-related consumer internet properties including BharatMatrimony.com, and anti-virus software maker Quick Heal Technologies Ltd have received approval from the capital markets regulator Securities and Exchange Board of India (SEBI) for their proposed initial public offers (IPO).
They join a queue of over a dozen odd firms waiting with SEBI approval to go public.
Apart from BharatMatrimony, it also runs portals such as EliteMatrimony.com, CommunityMatrimony.com, AssistedMatrimony.com, MatrimonyDirectory.com and Tambulya.com.
It is the second consumer internet firm to file documents to go public in India this year after e-commerce firm Infibeam.com.
The company, which is known for its flagship property BharatMatrimony.com, is looking to raise Rs 350 crore ($53.6 million) through a fresh issue besides an offer for sale by Bessemer Venture Partners that is looking to exit in the issue. Some other private investors along with mother of the company’s founder and CEO Murugavel Janakiraman are also selling shares in the IPO.
The issue size would be clear when the company freezes its price band but it is expected to be just a tad short of what Just Dial issue raised. Local business search venture Just Dial had gone public two years ago through an offer for sale issue where its selling shareholders got a little over Rs 900 crore.
Kotak Investment Banking, Citigroup Global Markets and Deutsche Equities India are managing the public offer.
The Pune-based company was co-founded by brothers Kailash (CEO and CMD) and Sanjay Katkar (CTO and technical director) in 1991.
Initially called CAT Computer Services Pvt Ltd, the company later transformed from being a computer maintenance firm to an IT security solutions provider. It was rechristened as Quick Heal in 2007.
The firm develops anti-virus software and has 65 offices in 37 cities across India, the UAE, Japan, Kenya and the US. A little over 2 per cent of its revenues come from outside India. It recently entered into a preliminary term sheet to form a new joint venture to distribute, sell and market its offerings in South Africa.
The company is looking to raise up to Rs 250 crore (about $38 million) through fresh issue of shares, besides an offer for sale of up to 6.8 million equity shares by promoters and Sequoia Capital.
It recently entered into a preliminary term sheet to invest up to Rs 6 crore in a firm that is developing home automation technology. The company has not disclosed the name of the target firm.
ICICI Securities, Jefferies and JPMorgan are managing the issue.