Yandex, one of the leading Internet companies in Russia, this morning announced the pricing of its initial public offering of a little under 52.2 million Class A ordinary shares at $25.00 per share.
The shares will begin trading later today on NASDAQ under the symbol “YNDX”.
The offering would give Yandex a market cap of roughly $8 billion.
The company is thus raising a little over $1.3 billion, and has granted its underwriters a 30-day option to purchase up to an additional 5.2 million shares to cover eventual over-allotments. Earlier this month, Yandex had priced its IPO at $20 to $22 per share.
LinkedIn, which went public last week, had also increased the price per share right before.
Yandex is selling 15.4 million shares (pocketing $385 million), while some of its shareholders are selling an aggregate of roughly 36.8 million shares ($920 million).
Yandex operates the most popular search engine and the most visited website in Russia (it is also the largest Russian Internet company by revenue). In 2010, the company generated 64% of all search traffic in Russian, trumping Google.
In March 2011, Yandex.ru website attracted 38.3 million unique visitors. Aside from Russia, Yandex has operations in Belarus (yandex.by), Kazakhstan (yandex.kz) and Ukraine (yandex.ua). Total revenues for 2010 hovered around $440 million.
Founded back in 1997, Yandex has been reported to be preparing an IPO before, with talks dating back all the way to 2006. In 2008, the company planned for an initial public offering but quickly moved to indefinitely delay those plans due to the global economic turmoil.
Yandex is among the largest high-tech companies in Russia, with an estimated workforce of about 2,500 employees. Currently, Yandex has branches all over Russia (Moscow, Saint Petersburg, Ekaterinburg, Novosibirsk and Kazan), Ukraine (Kiev, Odessa, Simferopol) and in the United States (in Palo Alto, CA, to be exact).
Yandex is an internet technologies company that operates in Russia, CIS and Turkey. It is the largest Russian and one of the world’s largest internet search engine. Yandex is an acronym for the phrase Yet Another Indexer. As of June 2013, Yandex had 61.6% of the Russian search market (source: LiveInternet.ru). Yandex’s mission is to give the answer to the user anytime and anywhere. Company provides its services for desktop and mobile users and develops embedded solutions as well. The company specializes...
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