Qihoo plans $200m NYSE IPO

CDH, Sequoia, Highland Capital and Redpoint Ventures are among the firms that invested around $39 million in the Chinese internet company.

Chinese internet company Qihoo 360 Technology is planning an initial public offering on the New York Stock Exchange, according to a filing submitted to the US Securities and Exchange Commission (SEC). The company, which is backed by CDH Investments, Sequoia Capital, Highland Capital Partners and Redpoint Ventures, expects to raise $200 million, the statement noted.

CDH currently holds a 7.05 percent stake in the company, while Sequoia holds 9.48 percent, Highland 17.69 percent and Redpoint 5.05 percent.

In January 2006, CDH and Sequoia invested $14 million in the company alongside other investors. Later in November, the two private equity firms joined Highland and Redpoint to invest a further $25 million in Qihoo.

It is unclear whether the private equity shareholders will sell their shares through the IPO, which has yet to set a date.

In November last year, two CDH portfolio companies also went public on the New York Stock Exchange. Chinese real estate service provider Syswin raised $67.2 million and Xueda Education Group raised $127.6 million. CDH invested $30.5 million for a 19.29 percent stake in Syswin in January 2009 and $10 million for a 21.5 percent stake in Xueda in October 2007.