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IPO’s investors have been betting on a bull market. Investors

Apollo Global Management LLC (NYSE:APO) American Community Properties Trust (ACPT) develops, builds, owns, and manages primarily residential real estate in Washington, DC; Maryland; and Virginia. The self-managed real estate investment trust (REIT) has ownership in more than 20 multi-family apartment communities (about 3,200 units) and 4,000 acres of undeveloped land in a planned residential community in St. Charles, Maryland. More than half of its apartment units participate in low-income housing programs. Subsidiary American Rental Management Company manages apartments for ACPT and for third parties. ACPT was acquired by real estate investment company Federal Capital Partners for $43.6 million in 2009.

Apollo Global sold nearly 30 million shares at $19 each, generating $565 million. Trading in the private-equity firm’s shares begins Wednesday.

Qihoo 360 Technology (NYSE:QIHU) Founded by former executives of Yahoo! China, this young company offers Internet security products free of charge to a massive user base, which has more than doubled in two years to over 300 million. Qihoo’s key product is a safe web browser in China that is rapidly gaining popularity as Internet users search for protection against increasingly pervasive and complex security threats. Originally a reseller of third-party anti-virus software, this young company now offers a suite of proprietary Internet security products under the “360″ brand. Qihoo’s strategy is to attract users by offering free security products and monetize them by driving traffic to its secure web browser, which is second only to Microsoft’s Internet Explorer in usage. 360 Safe Browser, which was launched in late 2009, is based on an “open” platform and therefore able to host applications from third-party game developers and e-commerce firms. It generates revenue from online advertising (paid links, automatic search referral fees; 67% of 2010 sales) and additional Internet value-added services (web games, technical support; 26%). Qihoo’s top-line jumped 79% to $58 million last year, driven by a 179% increase in online advertising to $39 million and a boost in Internet value-added services to $15 million (from $2 million). Adjusted operating margins improved modestly to 23% as a favorable mix shift from the discontinuation of its lower-margin reselling business was offset by heavy R&D investments. Qihoo 360 soared more than 112% to $32.18 Wednesday morning as the Internet company began trading on the New York Stock Exchange. The China-based firm offered to sell 12.1 million shares at a price of $14.50, above its initial range of $10.50 to $12.50.