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.
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
