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Qihoo 360 Announces Pricing of Initial Public Offering
Mar 29, 2011 (07:03 PM EDT)
BEIJING, March 29, 2011 /PRNewswire/ -- Qihoo 360 Technology Co. Ltd. ("Qihoo 360" or the "Company") (NYSE: QIHU), the No. 3 Internet company in China as measured by user base, today announced that it has priced its initial public offering of 12,110,800 American Depositary Shares ("ADSs") at $14.50 per ADS. Every two ADSs represent three Class A ordinary shares. The ADSs will begin trading on Wednesday, March 30, 2011 on the New York Stock Exchange under the symbol "QIHU."
All of the 12,110,800 ADSs are being offered by the Company. The underwriters have been granted an overallotment option, exercisable within 30 days of the pricing date, to purchase up to an additional 1,816,620 ADSs from Qihoo 360.
UBS Investment Bank and Citi acted as joint book runners for this offering, and Stifel Nicolaus Weisel and Cowen and Company acted as co-managers for the offering.
The Company's registration statement relating to these has been declared effective as of March 29, 2011, by the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained from UBS Investment Bank, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Department, telephone: 1-888-827-7275, or from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, Attention: Prospectus Department, telephone: 1-800-831-9146.
About Qihoo 360 (NYSE: QIHU)
Qihoo 360 Technology Co. Ltd. is the No. 3 Internet company in China as measured by user base, according to a report commissioned by the Company from iResearch. In January 2011, the Company had 339 million monthly active Internet users, representing a user penetration rate of 85.8% in China, according to iResearch. The Company is also the No. 1 provider of Internet and mobile security products in China as measured by user base, according to iResearch. Recognizing security as a fundamental need of Internet and mobile users, Qihoo 360 offers comprehensive high-quality Internet and mobile security products free of charge, providing users with secure access points to Internet activities. As a result, the Company has amassed a large and loyal user base, which it monetizes primarily through offering online advertising and Internet value-added services.
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SOURCE Qihoo 360 Technology Co. Ltd.