Qihoo IPO: Will Investors Feel Safe With This Chinese Browser Security Company?

Renaissance Capital IPO Research submits:

Founded by former executives of Yahoo! (YHOO) China, this young company offers Internet security products free of charge to a massive user base, which has more than doubled in two years to over 300 million. Qihoo's key product is a safe web browser in China that is rapidly gaining popularity as Internet users search for protection against increasingly pervasive and complex security threats. Qihoo (QIHU) plans to raise $139 million by offering 12.1 million ADSs at a range of $10.50 to $12.50. UBS Investment Bank (UBS) and Citi (C) are the lead managers on the deal, which is on the IPO calendar for the week of March 28.

Originally a reseller of third-party anti-virus software, this young company now offers a suite of proprietary Internet security products under the "360" brand. Qihoo's strategy is to attract users by offering free security products and monetize them by driving traffic to its


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