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. 
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| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 15,472.32 | 84.74 | 0.55% |
| Nasdaq | 3,514.09 | 11.97 | 0.34% |
| S&P 500 | 1,677.60 | 8.44 | 0.51% |
| Treasuries | 1.97 | 0.03 | 1.44% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.66 | 0.22 | 1.64% |
| Pfizer Inc | 29.66 | 0.88 | 3.06% |
| General Electric Co | 24.03 | 0.37 | 1.57% |
| Ford Motor Co | 15.24 | 0.29 | 1.97% |
| JPMorgan Chase and C... | 54.57 | 1.55 | 2.92% |
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