Chinese security-software maker Qihoo 360 Technology released estimated terms for its planned initial public offering, scaling the size back from its initial registration.
It said the IPO's size could 12.1 million American depositary shares, with the deal's estimated price between $10.50 to $12.50. The company Monday projected the sale of up to an estimated $200 million of stock.
The company, one of China's top antivirus software providers, makes most of its money from online advertising and Internet value-added services, in which the company offers Web games developed by third parties or provides Internet security services such as remote technical support to paying customers, among others.
Many Chinese companies went public stateside last year in the hope of tapping U.S. investor demand. In 2010, four of the five best IPO debuts on U.S. exchanges were Chinese stocks, although the opposite was also true: the five worst debuts were China-based companies as well.
The company plans to use proceeds from the offering to develop new products, enhance research and development and invest in or acquire other businesses or technologies. China has the largest Internet user base in the world.
It has filed to list itself on the New York Stock Exchange under the ticker symbol QIHU. It would have roughly 175 million ordinary shares outstanding after the offering. Every two ADSs represent three Class A ordinary shares.
Last year, Qihoo's profit doubled to $8.5 million as revenue jumped 79%.
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