Qihoo 360 Stock Surges After IPO

Published by: Frank Galvano on 30th Mar 2011 | View all blogs by Frank Galvano
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Qihoo 360 Stock Surges After IPO


Shares of Qihoo 360 rose sharply in their debut Wednesday after the company priced its initial public offering at a price $2 higher than the proposed range.  On the New York Stock Exchange the stock traded up to more than $30 per share, or more than double its IPO price of $14.50.

Qihoo 360 is China's third-largest Internet company based on number of users and the nation's leading provider of Internet and mobile security offerings.  Its 360 Safe Browser is the second most popular in China behind Microsoft's Internet Explorer.

The company's $176 million IPO is just the latest in a string of Chinese Internet IPOs stemming from last quarter, including Youku.com and online retailer Dangdang.  The companies have yet to gain any real traction on the NYSE as most have seen share prices fall below the value of their respective IPOs.  The fate of Qihoo 360, meanwhile, remains to be seen.

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