New York – Russian search engine and Internet firm Yandex raised $1.3 billion in an initial public offering (IPO) of shares on the Nasdaq, and saw its shares rise over 40% during their first day of trading on Tuesday.
The company priced shares at $25 — more than its proposed range of $20 to $22 — and the stock’s price was trading over $35 at press time.
Yandex’s IPO figures as the biggest technology IPO worldwide in 2011 thus far, and the largest U.S. technology firm IPO since Google went public in 2004.
The company will use proceeds from the offering to invest in technology and infrastructure, as well as for possible acquisitions.
Related Links:
http://tinyurl.com/42dna9p (Bloomberg)
