Yandex has placed the shares for $25 under IPO, the volume will be $1.3 billion
24.05.11 16:13
/IRBIS, May 24, 2011/ - Russia's largest Internet search engine
Yandex has determined the price of shares in the IPO at $ 25, which
will raise $ 1.3 billion, Reuters reported today, citing to a source
familiar with the terms of the transaction.
As indicated, on the eve before closing the book of applications,
Yandex increased range of accommodation by 20 percent - to $24-25
from $ 20-22. According to the sources as close to accommodation, as
well as the financial market, the demand for the company's stock has
been very high on the first day of opening of the book and rose further
after the successful placement of a social network LinkedIn.
About the intention to conduct IPO Yandex announced in late April
after the SPO of another Russian internet company Mail.ru for $ 450
million. Six months earlier Mail.ru held one of the most successful for
the company with Russian assets IPOs worth about $ 1 billion but only
on the stock exchange in London.
Registered in the Netherlands, the company Yandex NV and other
shareholders of Yandex offer investors 52.2 million shares of Class
"A". The company's founders Arkady Volozh and Ilya Segalovich sell
4.1 million shares and 820.000, respectively.
Yandex is planning to put the proceeds from the IPO to develop
infrastructure, including servers and data centers, as well as
absorption and investments in technology, or companies whose profile
is similar to the operations of Yandex.
The organizers of the placement are Deutsche Bank, Morgan Stanley
and Goldman Sachs.
Net income of Yandex in 2010 was $134.3 million in the first quarter of
2011 - $ 28.8 million in revenues last year - $ 439.7 million with
operating costs of $ 270 million in the first quarter of 2011 - $ 137
million at a cost of $ 92.3 million
The main shareholders of Yandex are funds managed by Baring
Vostok Capital Partners (23.89 percent of the voting shares), Roth
Advisors Ltd. (6.42 percent), the International Finance Corporation
(6.12 percent), and Volozh (19.77 percent) and Segalovich (4.14
percent).
Yandex IPO could be the first deployment of Russian companies on
Nasdaq since 2006, when the stock market met Russian CTC Media.
It was indicated that in the fall of 2009, the company gave the state
Sberbank "golden share" of registered in the Netherlands maternal
Yandex NV. The key right of the holder is a veto on future deals that
would allow one person or group to buy stake in Yandex NV, more
than 25 percent.
[2011-05-24]