Yandex N.V. (NASDAQ: YNDX) is set to raise about $1.3 billion as this top Russian search engine has reportedly priced above the range it was slates to debut. Our indications were down at $20 to $22 per share but the reports out this morning indicate a $25 pricing for some 52.5 million shares.
This company is yet another “So and so of some other BRIC nation” and this one is compared to Google Inc. (NASDAQ: GOOG) more than anything. Yandex’s reference is “The Google of Russia” even though Google s really “the Google of Russia” when you consider the market share in adjacent nations where both companies operate. Others are comparing it to Baidu Inc. (NASDAQ: BIDU) as “The Baidu.com of Russia” and that is probably more appropriate.
The lead underwriters are Deutsche Bank, Goldman Sachs, and Morgan Stanley.
Our indications are that the deal is being priced at closer to 25-times next year’s expected earnings. There are several key reports to consider here:
- Seeking Alpha calls it a value under $50.00
- Here is Gaskins IPO Desktop summary of the deal
- Here is IPO Home’s reference with a link to Yandex’s roadshow.
JON C. OGG
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