Yandex Announces Pricing Of Its IPO

Yandex_logoToday Yandex announced the pricing of its initial public offering of 52,174,088 Class A ordinary shares at $25.00 per share.  The shares will begin trading today on the NASDAQ under the symbol “YNDX”. Yandex is selling 15,400,000 shares and certain of its shareholders are selling an aggregate of 36,774,088 shares.  Additional 5,217,405 shares were granted as a 30-day option purchase to the underwriters to cover over-allotments, if any, at the initial public offering price. As earlier stated, Morgan Stanley, Goldman Sachs and Deutsche Bank acted as lead underwriters and joint bookrunners on the deal. 

Thus, just two weeks after initial details of the IPO appeared exact details are officially disclosed. Shares are being priced higher than predicted earlier ($25 per share as opposed to $20-$22 per share earlier predicted), though the overall number of shares being sold is close to the previous 52.2M estimate. It goes without saying that Yandex will raise a very impressive figure in the IPO.

This development is not a surprise but a confirmation of a long-awaited event. Russia's biggest search engine is going public, most probably getting higher valuation and raising more funds then Mail.ru Group.

But Yandex definitely has a reason to triumph. Last year alone it generated 64% of all search traffic in Russia and was the largest Russian internet company by revenue. In March 2011, its Russian domain (yandex.ru) attracted 38.3M unique visitors. Yandex also operates in Ukraine, Kazakhstan and Belarus.

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