Wall Street Goes Gaga for Yandex N.V. (YNDX) IPO
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The IPO for Russia's most popular search engine Yandex N.V. (Nasdaq: YNDX) lit up Wall Street Tuesday.
After pricing at $25 per share, the stock opened at $35. But it didn't end there. After some downside movement following the open, shares of Yandex continued higher the rest of the session and ended at $38.84.
The successful offering was made through Morgan Stanley, Deutsche Bank, Goldman Sachs, Piper Jaffray, and Pacific Credt Securities.
Yandex, called the "Google of Russia," is a far cry from its U.S. counterpart, nonetheless the company does have some impressive stats.
In 2010, Yandex generated 64% of all search traffic in Russia and were the largest Russian internet company by revenue. In March 2011, the company's yandex.ru website attracted 38.3 million unique visitors.
In addition to Russia, Yandex operates in Ukraine, Kazakhstan and Belarus.
There are 321,247,458 shares outstanding following the offering, which places the market cap of the company at approximately $12.5 billion. This compares to a market cap of $167 billion for Google (Nasdaq: GOOG) and a market cap of $45 billion for Baidu, Inc. (Nasdaq: BIDU) "China's Google."
After pricing at $25 per share, the stock opened at $35. But it didn't end there. After some downside movement following the open, shares of Yandex continued higher the rest of the session and ended at $38.84.
The successful offering was made through Morgan Stanley, Deutsche Bank, Goldman Sachs, Piper Jaffray, and Pacific Credt Securities.
Yandex, called the "Google of Russia," is a far cry from its U.S. counterpart, nonetheless the company does have some impressive stats.
In 2010, Yandex generated 64% of all search traffic in Russia and were the largest Russian internet company by revenue. In March 2011, the company's yandex.ru website attracted 38.3 million unique visitors.
In addition to Russia, Yandex operates in Ukraine, Kazakhstan and Belarus.
There are 321,247,458 shares outstanding following the offering, which places the market cap of the company at approximately $12.5 billion. This compares to a market cap of $167 billion for Google (Nasdaq: GOOG) and a market cap of $45 billion for Baidu, Inc. (Nasdaq: BIDU) "China's Google."
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