Yandex Raises $1.3 Billion in U.S. IPO
By Olga Razumovskaya
The St. Petersburg Times
Published: May 25, 2011 (Issue # 1657)
MOSCOW — The country’s most popular search engine Yandex raised $1.3 billion in a U.S. initial public offering Tuesday, pricing its shares above the sale’s marketed range.
Success on Wall Street is a key indicator of foreign investors’ infatuation with Russia’s tech sector against the backdrop of several canceled IPOs for non-technology companies in recent months.
Yandex, which generates 64 percent of all search traffic in Russia and is currently the largest Russian Internet company by revenue, sold 52.5 million shares, or a 16.2 percent stake, at $25 each, valuing the company at about $8 billion, Yandex said Tuesday in an emailed statement. ...