The IPO of the leading Russian internet search firm Yandex, which holds 55 percent share of searches in Russia, was not scheduled for 2009 as it was suggested by Profy. The Russian internet insider news site Roem.ru reported that it was just a market expectation from financial company Finam. The information did not come from Yandex itself.
The company was expected to raise up to $2 billion at IPO on NASDAQ in fall 2008.
The leading Russian search engine Yandex, which has recently changed its logo to Cyrillic, has just launched a massive outdoor advertising campaign in Russian cities. The company also released its own instant messenger Ya.Online to keep users longer on its site.
Founded in 1997, Yandex reported revenues of $167 million in 2007. Its operating profit was estimated at almost $100 million last year. The company, which has more than 1,500 employees, shall increase its revenues to more than $300 million in 2008. Over the past year, Yandex acquired a road traffic information service SMILink and business social network MoiKrug.
According to MindShare Interaction, the Russian online advertising spending is expected to reach over $600 million in 2008.