Yandex poised for $1.3 bln Nasdaq debut: report

May 24, 2011

Russian Internet giant Yandex is set to raise $1.3 billion in an initial public offering (IPO) on the Nasdaq on Tuesday, exceeding expectations, the New York Times reported.

The popular search engine, valued at $8 billion, will sell 52.2 million shares for $25 each, with the option of selling an additional 5.2 million shares to cover over-allotments, the Times said, citing an unnamed source.

Last year Yandex accounted for 64 percent of Russian online traffic -- beating US Internet colossus Google in the region -- and is the country's largest Internet firm in terms of turnover.

Last year it achieved profits of $134.3 million and total revenue of $439.7 million, according to the Times.

The main Russian rival to Google said that Morgan Stanley would act as the sole global coordinator for the proposed offering, first announced in April.

Other underwriters include Deutsche Bank Securities and the US investment banking firm.

had initially planned to sell up to 20 percent of its shares in New York before the onset of the 2008 .

In November Mail.ru -- Russia's largest free -- raised $912 million dollars on the London Stock Exchange.

And stocks soared earlier this month when the dazzling launch of LinkedIn revived dreams of another dot-com boom.

Shares in the career-focused social-networking firm, trading under the stock ticker LNKD, skyrocketed 109.4 percent to $94.25. The launch price was $45 per share.

LinkedIn, the first major social-network firm to go public, had the most valuable US Internet IPO since Google became a publicly traded company in 2004, according to research firm Renaissance Capital.

Explore further: Russian Facebook investor soars on London stock debut

Related Stories

Russia's top portal to list on NASDAQ: report

February 21, 2011

Russia's top Internet portal Yandex intends to raise up to $1 billion (740 million euros) through an initial public offering on New York's NASDAQ stock exchange, the Vedomosti business daily reported Monday.

LinkedIn looking for $32 to $35 per share in IPO

May 9, 2011

(AP) -- Professional networking website LinkedIn Corp. hopes to sell its stock for $32 to $35 per share in an upcoming initial public offering. Its IPO may encourage other growing Internet services to make their stock market ...

Recommended for you

Netherlands bank customers can get vocal on payments

August 1, 2015

Are some people fed up with remembering and using passwords and PINs to make it though the day? Those who have had enough would prefer to do without them. For mobile tasks that involve banking, though, it is obvious that ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.