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Qihoo 360 Stock Doubles in IPO Debut

Mar 30, 2011, 10:54 am EDT

The 2011 IPO of Qihoo comes straight from the playbook of the dot-com 1990s.  Qihoo 360 (NYSE: QIHU), which is a Chinese provider of antivirus software, originally set the price range of its deal at $10.50 to $12.50. Then Qihoo increased it to $13.50 to $14.50.  With demand at 40 times the amount being raised, the final price of the QIHU stock IPO came to $14.50.

Well, QIHU investors thought that price still too low.  So far in today’s trading, the shares of Qihoo 360 are trading at $29.  With 175 million shares outstanding, the market value of the company is a whopping $5 billion overnight.

Why all the excitement?  Well, Qihoo 360 is the #3 Internet company in China, with a user base of 339 million.  That’s an 85.8% penetration rate. Read