Russian Search Engine Picks London To Float IPO

Yandex, the largest search engine in Russia has chosen London to launch their IPO early next year, Reuters reported. The offering should raise the internet firm in excess of 1 billion pounds ($1,56 billion).

Yandex has over 60% of the Russian search market – one of the few countries that is not dominated by Google which seems to have problems with the Cyrillic language.

“Right now investors are pretty enthusiastic about investing in Russian Internet companies, so it’s perhaps a good time for Yandex to try,” said Leonid Delitsin, an Internet analyst at Finam, according to the Moscow News.

“It’s certainly a large amount but it could help Yandex become a truly international search engine,” he added.

The company had been mulling an IPO in 2008 on the Nasdaq, which would have raised between $500 million and $1 billion, but the drop in the economy halted their efforts. Now it seems they are ready to try again, but have chosen the London Exchange.

Yandex has yet to confirm this, stating “As a growing company, we continually evaluate various financing and strategic alternatives, but it is our policy not to comment on our plans in this regard.”

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