Kingsoft spinoff Cheetah Mobile, which provides a suite of free mobile and PC applications that offer security/anti-virus protection and system performance optimization, raised $168 million by offering 12.0 million ADSs at $14, within the $12.50 to $14.50 range. Cheetah Mobile raised 4% more proceeds than expected and, at its offer price, now commands a fully diluted market cap of $2.1 billion and an enterprise value of $1.8 billion. Cheetah Mobile will list on the NYSE under the symbol CMCM. Morgan Stanley, JP Morgan and Credit Suisse acted as joint bookrunners on the deal.
