The Google of Russia, a search engine called Yandex, has just priced for its IPO…
From 24/7 Wall Street:
Yandex N.V. (NASDAQ: YNDX) is set to raise about $1.3 billion as this top Russian search engine has reportedly priced above the range it was slated to debut. Our indications were down at $20 to $22 per share but the reports out this morning indicate a $25 pricing for some 52.5 million shares.
Goldman, Morgan and Deutsche are the leads on this. The Russian government has a bank that owns a “Gold Share” that allows it to veto any outside acquisition attempts and god knows what else.
Many will scoff at that “Google of Russia” label but it hsn’t turned out too badly for shareholders of Baidu, the “Google of China”.
Before you get involved, you may want to read this:
In Russia, the engine searches YOU!