Yandex Company, the largest online search system in the world, is intended to attract 1.1 billion US dollars within the framework of initial IPO placing on the NASDAQ Stock Market, Reuters informs.
Yandex N.V. Company is registered in the Netherlands; other Yandex stake holders will offer the investors 52.2 million class A shares. The placing will cost 20-22 US dollars per share.
In case demand for shares will appear to be high, Yandex is ready to sell another 5.22 million shares. Kommersant newspaper says, that Yandex may well attract 1.04 – 1.26 billion dollars during the placing with 16.34-18% of the Company’s shares on the market. The cost of Yandex after entering the stock number will constitute 6.38-7.02 billion US dollars.
Yandex is planning to allocate IPO profit to development of the infrastructure and investments in technologies and the Company’s staff development. The stock of Yandex shares reflects the operations of the Company.
Yandex IPO may well become the first placement by a Russian company on the NASDAQ Stock Market since 2006, when STS Media entered the market.
Yandex entering the market is the second IPO by a Russian Internet company for the last year. In November, 2010, Mail.ru Group placed on the London stock exchange about 16.8% of its shares. By IPO results, the company was estimated at 5.71 billion US dollars.
The key shareholders of Yandex are funds managed by Baring Vostok Capital Partners (23.89% of voting shares), Roth Advisors Ltd. (6.42%), International financial corporation (6.12%) as well as the founders of the company Arkadiy Volozh (19.77%) and Ilya Segalovich (4.14%).
