Yandex sells shares at $25 at IPO, raises $1.3 bln
2011-05-24 18:16:02
Russia's most popular search engine Yandex has set its Initial Public Offering price at the top of the price range at $25 per share and raised $1.3 billion, Vedomosti business daily reported on Tuesday citing a source close to placement participants.
Yandex, valued at $8.03 billion, will start trading on the U.S. NASDAQ stock exchange on 18:30 p.m. Moscow time.
Morgan Stanley, Deutsche Bank and Goldman Sachs, the lead managers of the placement, may sell about 5.2 million shares.
A Yandex source told Vedomosti the bid book was 15 times oversubscribed. The company has initially set the price range at $20-22 per share, but raised it because of investor appetite for the growing Internet market.
Last week, LinkedIn social network held its IPO and boosted its initial price by about a third. Russia's Mail.ru Group also placed its stock at the highest boundary of the price range last November.