Beijing-based Chinese security software maker Cheetah Mobile Inc. has raised $168 million on the New York Stock Exchange at US$14 per share, within its previously announced range.
The company sold 12.0 million American Depository Shares (ADS). It now has a fully diluted market cap of around US$2.1 billion.
In late April, Chinese Internet search engine Baidu Inc., software company Kingsoft Corporation and Chinese smartphone maker Xiaomi Inc. all agreed to subscribe a total of US$50 million Cheetah’s shares at its IPO price, after the company decided to downsize its IPO to around US$174 million from US$300 million.
The companies are all tightly connected. Cheetah Mobile was formerly known as Kingsoft Internet Software Holdings Limited, and was a unit of Kingsoft.
Kingsoft already owns 54.1% of Cheetah. Xiaomi’s founder, Lei Jun, was formerly president and CEO of Kingsoft.
Besides Kingsoft, venture investor Matrix Partner China and Tencent Holdings Ltd. each owns 6.3% and 18% of Cheetah, according to Cheetah’s securities filings.
Cheetah Mobile is the number two Internet security software provider in China, with 341 million total monthly active users, says the filing.