Yandex Jumps on First Day in Biggest 2011 Tech IPO |
| BusinessWeek - May 25, 2011 |
Yandex NV, owner of Russia’s most popular Internet search engine, jumped 55 percent in Nasdaq Stock Market trading after raising $1.3 billion in an initial public offering that sold above the proposed price range.
The shares, trading under the symbol YNDX, rose $13.84 to $38.84 at 4 p.m. New York time. The Moscow-based company sold 52.2 million shares, or a 16.2 percent stake, at $25 each, above the proposed range of $20 to $22, valuing the company at about $8 billion, Yandex said in a statement today.
Today’s debut for Yandex, which has almost triple Google Inc.’s market share in Russia, is the biggest technology IPO worldwide in 2011 as companies file for U.S. offerings at the fastest pace in seven years. The rally adds to evidence of a boom in demand for Internet stocks after Mountain View, California-based LinkedIn Corp. more than doubled on its first trading day last week.
Read Full Article from BusinessWeek
- Posted: 2011-05-25 10:38:57
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