Chinese security software firm Cheetah Mobile Inc (ADR) (NYSE:CMCM) went public today, and the new IPO is running strong like its namesake. Earlier this morning, the firm announced its offering of 12 million American depositary shares had been priced at $14 each, raising a total of $168 million.

Cheetah Mobile

Cheetah Mobile Inc (ADR) (NYSE:CMCM) shares took off at the open this morning, and ran as high at $15.68 before slipping back below $15 in later morning trading.

The less than five-year-old company offers a range of security and optimization software for use in smartphones and PCs. The security firm’s Clean Master and Battery Doctor are well-regarded by IT experts and are extremely popular category leaders on Google Play.

Cheetah Mobile Inc (ADR) (NYSE:CMCM) had earlier announced it expected the IPO to be priced between $12.50 and $14.50 per share. The pricing of the IPO values the fast-growing Chinese firm at around $2.2 billion.

Spin off from Kingsoft

The new IPO is a spin off from software maker Kingsoft Corporation Limited (HKG:3888) (OTCMKTS:KSFTF), which remains in control with  54% of Class B shares and 4.7% of Class A shares.

Cheetah Mobile Inc (ADR) (NYSE:CMCM) also has a number of well-placed backers. Tencent Holdings, China’s largest Internet company and owner of the hugely popular mobile messaging app WeChat, holds an 18% stake, making it the second-largest shareholder.

Cheetah Mobile enjoying rapid growth

The firm number one seller is the Clean Master app, which cleans up and creates more effective memory in smartphones as well as protects users’ data. The mega-selling app has seen 237.3 million downloads and enjoyed 72.9 million average daily active users in March.

Cheetah Mobile Inc (ADR) (NYSE:CMCM) also produces a popular internet browser for mobile phones and PCs. Competition is very stiff in the browser space, however, including the well-established Qihoo 360 Technology.

However, Cheetah Mobile Inc (ADR) (NYSE:CMCM) is in rapid growth mode, with revenue more than doubling last year and profits up over 500%. Cheetah reported a net income of $3 million on revenue of $50.8 million in Q1 2014.