Hotter IPO Story than Apollo: China's Qihoo

Everyone is excited about the IPO pricing of Apollo Global Mgmt tonight, but the real excitement is over yet another Chinese IPO: Qihoo 360.

This one contains the three sacred words that get IPO hearts aflutter:

1. China.

2. Internet.

3. Security.

Their internet security products are used by some 300 million users in China. Three hundred million. Their biggest producty is a free safe web browser that is used by 172 million people.

The talk was 12.1 m shares at $10.50-$12.50, but demand has been so strong that it was raised to 13.50-$14.50. And it could price higher. Remember Dangdang and all the craziness the day that opened? I do. I was there.

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