Qihoo 360 (QIHU) IPO Surges Higher
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Qihoo 360 (NYSE: QIHU) is open for trading. Shares are trading at $27 after pricing 12,110,800 ADS at $14.50 per ADS, well above the expected range of $10.50-$12.50.
UBS and Citi are the lead underwriters of the deal.
Qihoo 360 is the No. 3 Internet company in China as measured by user base, and No. 1 provider of Internet and mobile security products in China. In January 2011, the company had 339 million monthly active Internet users, representing a user penetration rate of 85.8% in China.
Qihoo 360 offers a comprehensive high-quality Internet and mobile security products free of charge, providing users with secure access points to Internet activities. The user base is monetized primarily through offering online advertising and Internet value-added services.
Revenue was $16.9 million, $32.3 million and $57.7 million, respectively, in 2008, 2009 and 2010, representing a CAGR of 84.8%. The company first became profitable in 2009 and net income increased by 102.7% from $4.2 million in 2009 to $8.5 million in 2010.
UBS and Citi are the lead underwriters of the deal.
Qihoo 360 is the No. 3 Internet company in China as measured by user base, and No. 1 provider of Internet and mobile security products in China. In January 2011, the company had 339 million monthly active Internet users, representing a user penetration rate of 85.8% in China.
Qihoo 360 offers a comprehensive high-quality Internet and mobile security products free of charge, providing users with secure access points to Internet activities. The user base is monetized primarily through offering online advertising and Internet value-added services.
Revenue was $16.9 million, $32.3 million and $57.7 million, respectively, in 2008, 2009 and 2010, representing a CAGR of 84.8%. The company first became profitable in 2009 and net income increased by 102.7% from $4.2 million in 2009 to $8.5 million in 2010.
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