The leading Russian search engine and contextual advertising company Yandex will price its shares at $25 per share at IPO. The IPO will value Yandex at $8 billion. Today, the shares of Yandex will start trading on NASDAQ under the symbol “YNDX“.
Yandex will raise $385 million at IPO for potential investments and acquisitions. The Yandex shareholders will sell shares for ca. $919 million at IPO. The strong demand for Yandex shares from institutional investors should have helped increase IPO price from $22 per share to $25 per share.
Founded in 2000, Yandex has 65% search market share in Russia. Yandex also operates in Ukraine and Kazakhstan. In 2010, Yandex revenue increased 43% year-on-year to 12.5 billion Roubles (ca. US$ 410 million).
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