China’s Qihoo 360 To Launch IPO In NYSE
According to a document submitted by Qihoo 360 to the U.S. supervision organization, the Chinese Internet security company plans to launch its initial public offering in New York Stock Exchange, with the share code of QIHU.
With UBS and Citibank as its underwriters, Qihoo 360 aims to gain USD200 million from this IPO.
According to the document, Qihoo 360’s total operating revenue in 2010 was USD57.7 million, a year-on-year increase of 78.5%. The company started making profit in 2009. By December 31, 2010, its net profit was USD8.5 million, which was doubled compared with the previous year.
Qihoo 360 said that it will use the financed capital in research and development as well as acquisitions of technologies, products, and enterprises.
The public prospectus of Qihoo 360 also revealed that the company has acquired The World Browser from Beijing Shengjing Wanwei Technology Company Limited or Shengjing Wanwei for USD2.2 million in cash and about two million ordinary shares. Qihoo will integrate the technology of The World Browser into 360 Safe Browser. Shengjing Wanwei’s software development team is responsible for improving and updating the browser technologies and functions.