Quick Heal Technologies tumbles on Peak XV exit

Peak XV , formerly Sequoia Capital, sold all of its 17.86 lakh shares, or 3.37 percent, stake in Quick Heal Technologies via open market at an average price of Rs 240 a share

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Quick Heal Technologies stock was down 1.9 percent on September 29 morning, a day after Peak XV Partners, formerly Sequoia Capital, exited the IT security solutions company.

According to exchange data, Sequoia Capital India Investment Holdings III  sold all of its 17.86 lakh shares, or a 3.37 percent stake, in Quick Heal Technologies through open market transactions at an average price of Rs 240 a share. Vikas Khemani-founded Carnelian Asset Advisors bought 7.5 lakh shares, or a 1.41 percent, stake at the same price.

At 10.35 am, the stock was trading at Rs  272.80 on the National Stock Exchange, down 1.75 percent from the previous day.

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Quick Heal reported net sales of Rs 51.44 crore in the June quarter, up 15.78 percent from June 2022. Net loss was at Rs 12.76 crore, up from 0.18 crore in the year-ago period.

The company reported negative earnings before interest, taxes, depreciation and amortisation (EBIDTA) of Rs 10.35 crore, down from Rs 4.25 crore in the year-ago quarter.

Quick Heal Technologies is a Pune-based leading cybersecurity solutions company.

Also read: Sequoia Capital splits into three entities: India, China, US to operate independently

In June, Sequoia Capital announced it would split into three entities: the United States, China, and India & Southeast Asia as  “its portfolio companies in these geographies have grown large enough to overlap and create territorial conflicts”.

The venture capital firm’s India and Southeast Asia arm has been rebranded as Peak XV Partners and operates as an independent firm.

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