Yandex completed $1.3 billion IPO on NASDAQ yesterday, on May 24. Its shares (symbol “YNDX“) surged 55% from $25.00 to $38.84 at the first day of trading. More than 70 million Yandex shares changed hands, which is larger than Yandex IPO volume of 52.2 million shares. Yandex IPO underwriters included Morgan Stanley, Deutsche Bank Securities, Goldman Sachs, Piper Jaffray and Pacific Crest Securities.
After underwriters discounts and comissions of $65.2 million, Yandex IPO proceeds amounted to $365.8 million. The selling shareholders of Yandex generated proceeds of $873.4 million from IPO.
Yandex reported revenues of $440 million and net income of $134 million in 2010. Yandex holds 65% search market share in Russia.