Yandex shares soar 55% on first day of trading

News Broadband Russian Federation 24 MAY 2011
Yandex shares soar 55% on first day of trading
Russian search engine Yandex announced the pricing of its initial public offering at USD 25 per share, above the earlier indicated range of USD 20-22 per share. Yandex is selling 15.4 million shares and certain of its shareholders are selling 36.8 million shares. At the offering price, proceeds to the company will be USD 385 million. In addition, Yandex and the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 5.2 million shares to cover over-allotments, if any, at the initial public offering price. The class A ordinary shares began trading on the Nasdaq Global Select Market under the symbol 'YNDX'. On the first day of trading, the shares rose 55 percent to USD 38.84.

Categories:

Internet

Companies:

Yandex

Countries:

Russian Federation

Tags:

Portals / social media, Financial funding

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