Posted on | May 24, 2011 | No Comments
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.
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).