Qihoo IPO Steals Limelight From Apollo's Offering |
| Wall Street Journal - Mar 31, 2011 |
American investors re-ignited their love affair with Chinese IPOs Wednesday, sending shares of Qihoo 360 Technology Co. Ltd. (QIHU) soaring 125% during its first day of trading, but snubbing home-grown private equity firm Apollo Global Management LLC's (APO) deal.
Qihoo, which shot up 86% on its very first trade, was changing hands recently at $32.65, up 125% from its initial public offering price of $14.50. The Beijing-based company sold 12.1 million shares at a price above its expected $10.50 to $12.50 range.
If it holds on to its gains, Qihoo will be the best-performing IPO to launch in the U.S. so far this year, and the best first-day pop since Chinese Internet television company Youku.com Inc. (YOKU) gained 161% in December. Youku was one of four Chinese stocks that ranked in the top five U.S.-listed IPO debuts last year.
Like Youku, Qihoo's business focuses on the fast-growing Internet market in China. It claims to be the third-largest Internet company in the country as measured by user base, and provides free Internet and mobile security software to protect users' personal data. The company makes its money by sharing revenue from other third-party Internet products, such as games or group-buying websites, that are sold to its users.
Read Full Article from Wall Street Journal
- Posted: 2011-03-31 10:38:08
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