Russian Search Engine Yandex Plans $1 Billion IPO

yandex-logo.pngYandex, Russia's top search engine and contextual advertising company, plans to raise $1 billion with an initial public offering (IPO) on NASDAQ in either June or July of this year, according to numerous reports. Deutsche Bank and Morgan Stanley will manage Yandex's IPO.

Yandex reported revenue of 12.5 billion rubles ($410 million) in January, a year-over-year increase of 43 percent. ComScore also reported that Yandex's monthly audience grew by 64 percent from November 2009 to November 2010, and peaked at more than 54 million this past November.

Yandex, founded in 1997, was expected to go public back in 2008, but decided against it due to the global economic crisis.