Yandex up sharply on Wall Street debut

May 24, 2011
A view of Wall Street from the steps of Federal Hall in lower Manhattan in 2009. Yandex shares rose sharply as Russia's top Internet portal and leading search engine made its debut on Wall Street.

Yandex shares rose sharply on Tuesday as Russia's top Internet portal and leading search engine made its debut on Wall Street.

Shares in Yandex, which is being traded under the ticker symbol "YNDX," surged 44 percent to $36 within minutes of being quoted on the Nasdaq.

Yandex, valued at $8 billion, is set to raise $1.3 billion through its , the largest Internet IPO since Google's in 2004.

According to its filing with the US (SEC), Yandex is offering 52.2 million shares at $25 each with an option of selling an additional 5.2 million shares to cover over-allotments.

Yandex is the first Russian company to carry out an IPO on the Nasdaq since 2006. In November Mail.ru -- Russia's largest free -- raised $912 million on the London Stock Exchange.

Yandex accounted for 64 percent of in Russia last year, besting Google and making it the largest Russian Internet company in revenue terms.

Its website, yandex.ru, received 38.3 million unique visitors in March.

Yandex reported profits of $134.3 million last year on revenue of $439.7 million.

Yandex's IPO comes less than a week after career-focused social-networking firm LinkedIn staged a dazzling public launch of its own on Wall Street.

LinkedIn shares more than doubled in price after launching on the on Thursday, reviving concerns of the infamous dot-com boom.

Explore further: Two more former Sony workers sue over data breach

add to favorites email to friend print save as pdf

Related Stories

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.

Russia's top portal to list on NASDAQ: report

Feb 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 09, 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 ...

Recommended for you

Two more former Sony workers sue over data breach

11 hours ago

Two more former employees of Sony Pictures Entertainment are suing the company over the massive data breach in which their personal and financial information was stolen and posted online.

Constantly changing online prices stump shoppers

13 hours ago

Online shopping has become as volatile as stock market trading. Wild, minute-by-minute price swings on everything from clothes to TVs have made it difficult for holiday shoppers to "buy low."

'Interview' ordeal at Sony just its latest crisis

16 hours ago

How do you say "damage control" in Japanese? Sony Corp. is sealed within a hermetic cone of silence as executives try to prevent the slow motion train wreck at Sony Pictures from damaging the rest of the ...

User comments : 0

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.