NEW YORK (CNNMoney) -- Chinese Internet company Qihoo 360 went public with a bang Wednesday morning on the New York Stock Exchange, with shares immediately doubling at the start of trading.
Qihoo 360 (QIHU) priced its stock at $14.50 a share, but shares opened at $27 and quickly soared as high as $33.40. The company raised more than $175 million in its IPO.
The Internet software company sells antivirus software and security services. it also develops Web-based games and makes the second-most used Internet browser in China, behind Microsoft's (MSFT, Fortune 500) Internet Explorer.
With 300 million Internet users in China -- a number that's rapidly rising -- second place is an attractive position to be in. Qihoo attracted significant interest from U.S. venture capital firms, receiving backing from big-name VCs such as Sequoia Capital and Highland Capital Partners.
Last year, Qihoo took in $58 million in sales and made a profit of $8.5 million. Revenue was up 79%, and its profit more than doubled from 2009.
That the IPO was a roaring success wasn't a surprise. Two other Chinese Internet companies, Youku.com (YOKU) and Dangdang (DANG) both went sky-high after their December 2010 IPOs. Shares of Chinese search leader Baidu (BIDU) have risen 41% this year. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
