China-based security software maker, Qihoo 360, experienced a 130% leap on its first day of trading yesterday. The trading range was expected to be from $10.50 to $12.50. However, Americans traders seemed hungry for the company as demand for Qihoo’s shares (QIHU) surged. The price shot up to $33.00 within 20 minutes after its debut and took a dip before growing steadily. The current trading price is at $34.00.
Qihoo 360 has over 300 million monthly active users as of January and saw revenue grew by 78.5 percent to $57.7 million in 2010. The statistics are impressive. Qihoo 360 plans to use the fund for acquisition of new technologies and R&D. Qihoo joins the ranks of Youku which also had IPO in the U.S. Renren, China’s Facebook, could possibly be next.
