The leading Russian search engine and contextual advertising company, Yandex plans $1 billion IPO on NASDAQ in June – July 2011, reported newspaper Vedomosti. The company hired investment banks Deutsche Bank and Morgan Stanley to manage the IPO, the paper said. The shares to be sold at IPO will come mostly from existing shareholders of Yandex. The private equity funds managed by Baring Vostok Capital Partners (BVCP), Tiger Global, Runet II, Almaz Capital and UFG own about 60% shares in Yandex.
Founded in 2000, Yandex reported 2010 revenues of 12.5 billion Roubles (US$ 410 million), up 43% year-on-year from 8.7 billion Roubles in 2009. Ru-Net Holdings, consortium of investors led by BVCP and UFG, invested $5.3 million for 35.7% shares in Yandex in April 2000.
Being the leading Internet advertising provider in Russia, Yandex managed to outgrow the Russian internet advertising market last year, which increased 40%. The contextual advertising accounted for 88% of Yandex revenues. The number of Yandex advertisers was up 40% year-on-year to over 180,000 in 2010.
Yandex search market share reached 64% in Russia, 27% in Ukraine, and 24% in Kazakhstan in December 2010, according to LiveInternet. Yandex‘ monthly audience was 54 million users last November, according to Comscore.
In November 2010, Russian internet company Mail.ru Group completed $1 billion IPO in London.
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