Yandex Prices IPO at $25, Opens Up 40%, Raises Most By Internet Co. Since Google
Russian Internet search company Yandex (NASDAQ:YNDX) priced its IPO at $25 yesterday; above its already upwardly revised estimated price range of $22 - $24 a share.
The company and its investors offered 52.2 million shares in total, raising just over $1.3 billion. That's the largest amount of money raised by an Internet company since Google (NASDAQ:GOOG) raised $1.67 billion in its 2004 IPO.
The stock initiated trading on the Nasdaq stock market under the symbol ""YNDX"" at about 11 a.m., and is currently trading up about 40% at around $35 per share.
Based on a $35 per share price, the company has a market capitalization, or value, of about $11.2 billion.
Its underwriters, led by Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and Deutsche Bank Securities (NYSE:DB), also have the option to sell an additional 5.2 million shares at the $25 IPO price to cover over-allotments.
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