UPDATE: Qihoo 360 Raises US$175 Million In US IPO; Deal 40 Times Oversubscribed
30 Marzo 2011 - 5:21AM
Dow Jones News
In the biggest initial public offering by a Chinese company in
the U.S. so far this year, security software maker Qihoo 360
Technology Co. (QIHU) has raised US$175 million in a deal ahead of
its listing on the New York Stock Exchange, after pricing its
shares at the top of a price range that had been raised just days
earlier.
A person familiar with the deal said Wednesday it was 40 times
oversubscribed.
In a filing to the New York Stock Exchange, the company said
Tuesday it priced its sale of 12.1 million American depositary
shares at the top of a revised US$13.5-US$14.5 indicative price
range. It had raised the price range to US$10.50-US$12.50 earlier
this week.
Qihoo 360 will have roughly 175 million ordinary shares
outstanding after the offering.
Citigroup Inc. and UBS AG are joint bookrunners on the Qihoo 360
deal.
Qihoo 360 is one of the top providers of antivirus software in
China, which is home to the largest Internet user base in the
world. Qihoo makes money primarily from online advertising and
Internet value-added services, in which the company offers Web
games developed by third parties or provides Internet security
services such as remote technical support to paying customers,
among others.
The company plans to use the proceeds of the offering to develop
new products, enhance research and development and invest in or
acquire other businesses or technologies.
Qihoo 360's profit doubled to $8.5 million last year as revenue
jumped 79%.
Five Chinese companies have raised a total of just US$174
million from U.S. listings so far this year, according to data
provider Dealogic. Of the five, only the US$6 million IPO of China
Century Dragon Media Inc. and the US$36 million IPO of Prime
Acquisition Corp. weren't priced at the bottom--or below--the
indicative price range. Those deals were much smaller than that of
Qihoo 360.
Many Chinese companies conducted IPOs in the U.S. last year in
the face of strong U.S. investor demand. In 2010, four of the five
best IPO debuts on U.S. exchanges were Chinese companies. However,
the five worst debuts were also China-based companies.
-By Nisha Gopalan, Dow Jones Newswires; 852-2832-2343;
nisha.gopalan@dowjones.com
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