Russia's most popular internet search engine, Yandex, set a price range of its proposed initial public offering (IPO) of Class A ordinary shares on Nasdaq at $20.00 to $22.00 per share, the company said in a statement.
This is the first time in five years a Russian company holds an IPO on the U.S. stock market after STS-Media.
"Yandex proposes to sell 15,400,000 shares in the offering and certain of its shareholders propose to sell an aggregate of 36,774,088 shares," the statement reads. "Yandex and the selling shareholders have granted the underwriters an option to purchase, in aggregate, up to an additional 5,217,405 shares to cover over-allotments, if any," it continues.
On April 28 the company's Dutch parent Yandex N.V. filed for a public offering on NASDAQ Global Market under the symbol "YNDX," which is due in late May.
Yandex.ru, launched in 1997, is the most visited website in Russia and the largest Russian Internet company by revenue. Last year the engine generated 64 percent of all search traffic in Russia.
MOSCOW, May 9 (RIA Novosti)