SEO News
Search

Yandex IPO Biggest For Internet Company Since Google

watson-frank
by , Comments

Russian search engine Yandex went public today, opening at $25 and closing at $38.84 giving the company over $1.3 billion from their IPO, setting the record for the biggest IPO for an internet company since Google (who raised $1.67 billion in 2004).

Yandex is one of the few search engines that controls a larger share of a country's search market than Google - in this case Russia. Yandex has a dominant share of the Russian market - about 64% of all searches done in Russia - similar to Google's dominance in the USA and most other contries. Google has about 22% of the Russian market - like Yahoo did before their partnership with Microsoft.

yandex

In this year's first quarter, Yandex's "net income rose 62% to $29 million, and in 2010 it increased 90% to $134 million," the Wall Street Journal reported. The stock is trading on NASDAQ under the terms YNDX.

Yandex CEO and main founder sold about $96 million from his over 40 million shares - at close his stock were worth over $1.5 billion.

Founded in 1997, Yandex is slightly older then Google. The company had announced earlier it was expanding into other markets and languages.

"Yandex has picked a great time for an initial public offering for a tech company," said Anthony Moro at Bank of New York Mellon. "For the longer term, they're in the right spot. They're the Google of Russia."


ClickZ Live New York What's New for 2015?
You spoke, we listened! ClickZ Live New York (Mar 30-Apr 1) is back with a brand new streamlined agenda. Don't miss the latest digital marketing tips, tricks and tools that will make you re-think your strategy and revolutionize your marketing campaigns. Super Saver Rates are available now. Register today!

Recommend this story

comments powered by Disqus