Qihoo shares break out big in NYSE IPO
The share price of Qihoo 360, China’s market-leading provider of internet and mobile security products, and third most popular company in the space by customer volume, more than doubled its already premium-plus $13.50-14.50 per ADS initial offering to $32.10, raising $175.5 million in its NYSE debut.
Originally the Chinese company had filed to offer the shares at $10.50-12.50, but bumped the price up by $2 at the last minute after gauging likely investor demand, according to reports.
Demand seems to have picked up where an earlier boom in Chinese internet offerings left off back in late 2010, the best examples being online video provider Youku and internet retailer Dangdang Inc., whose share prices spiked by 161% and 87%, respectively. However, subsequent Chinese IPOs on the New York bourse this year have been unremarkable, suggesting that it is the country's huge and rapidly growing internet sector that has allured investors.
Shareholders include Highland Capital Partners, with a 17.9% pre-IPO stake, Sequoia Capital China (9.48%), Trustbridge Partners (5.23%) and Redpoint Ventures (5.05%). Sequoia, Highland, Trustbridge and CDH Investments have further agreed to buy $50 million more of Qihoo shares in an auxiliary private placement.
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