Shares of Chinese online security company Qihoo 360 Technology Co. are trading at double the initial public offering price on their first day of trading on the New York Stock Exchange.
The Beijing company offered 12.1 million American depository shares at $14.50 apiece, raising nearly $176 million, according to Renaissance Capital in Greenwich, Conn. Its expected price range was $10.50 to $12.50 each.
Qihoo offers mobile and Internet security products and a safe web browser in China. It plans to use the proceeds from the offering to develop and enhance its security products and services, to invest in technology, product or business acquisitions and for general corporate purposes.
The company's shares surged $16.20 to $30.70 _ more than twice the IPO price _ in midday trading Wednesday.
The stock trades under the symbol "QIHU."