UPDATE 1-Cheetah Mobile's IPO priced at $14, raising $168 mln

* Cheetah sells 12 mln ADSs in IPO

* At IPO price, company valued at about $2 bln

* ADS to trade under symbol "CMCM" on NYSE

(Adds details, valuation, background)

May 8 (Reuters) - China-based Cheetah Mobile Inc's initial public offering raised about $168 million after the company's shares were priced at $14 each, near the top end of the expected price range.

At the listing price, Cheetah is valued at about $2 billion.

The company sold 12 million American depositary shares (ADSs), which were expected to be priced between $12.50 and $14.50 each.

Cheetah's shares are scheduled to start trading later on Thursday on the New York Stock Exchange under the symbol "CMCM".

The Beijing-based company provides security and optimization software used both in smartphones and PCs. Its apps such as Clean Master and Battery Doctor are popular on Google Play.

The company is being spun out of software maker Kingsoft Corp Ltd, which will retain control of it with about 54 percent of its Class B shares and 4.7 percent of its Class A shares.

Tencent Holdings Ltd, currently China's largest listed internet company and owner of the mobile messaging app WeChat, is the second-biggest shareholder in Cheetah with an 18 percent stake.

Cheetah's app Clean Master, which boosts memory in smartphones and protects users' data, had 237.3 million downloads and 72.9 million average daily active users in March, the company said.

Cheetah also makes an internet browser for mobile phones and PCs. The company's rivals include Qihoo 360 Technology Co , another U.S.-listed Chinese company.

Cheetah's revenue more than doubled in 2013, while its profit surged 530 percent. The company had a net income of $3 million and revenue of $50.8 million in the quarter ended March 31.

Net proceeds from the offering will be used for marketing and other corporate purposes, Cheetah said in the filing.

Morgan Stanley, JPMorgan and Credit Suisse were among the underwriters for the IPO.

Chinese companies are flocking to the U.S. market in their biggest numbers since 2010, encouraged by high investor demand for technology start-ups.

Some 30 Chinese companies could list in the United States this year, according to investment bankers interviewed by Reuters.

Alibaba Group Holding Ltd <IPO-ALIB.N> filed for its hugely anticipated IPO on Tuesday. E-commerce company JD.com Inc <IPO-JD.O> is also likely to go public soon.

Twitter-like messaging service Weibo Corp had a successful debut in April, with its shares soaring as much as 19 percent when they listed.

(Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila and Kirti Pandey)