Qihoo 360 Technology has raised $175 million through an initial public offering (IPO), The Wall Street Journal reports. The deal was oversubscribed by 40 times. As a part of the contract, Qihoo 360 sold a total of 12.1 million of American depositary shares at $13.5- 14.5 per share.

The company intends to use the proceeds of the offering to develop new products, enhance research and development and invest in or acquire other operations or technologies. The joint book-runners on the Qihoo 360 deal were Citigroup and UBS.

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