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Yandex to Complete the IPO
24.05.2011 15:40
Yandex to Complete the IPO

Russia's largest Internet search engine Yandex plans to raise 1,3 billion dollars in the IPO.
       The company sold 52,2 million shares at $25 each. Yandex's shareholders raised $1,3 billion in an initial public offering. "Yandex, whose IPO valued the stock at about twice that of Google Inc. (GOOG) relative to earnings, met increased demand as companies file for U.S. IPOs at the fastest pace in seven years", according to the Bloomberg.
       "Yandex has picked a great time for an IPO for a tech company. For the longer term, they’re in the right spot. They’re the Google of Russia," said Anthony Moro, managing director and head of emerging markets at Bank of New York Mellon Corp. Yandex has a large market share in Russia — it holds 65% of the search engine, while Google has only 20%.

Author: Ksenia Dzhalagonia

Tags: Russian business Russian Internet    

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