Company quotations exceed $35 against the $25 defined in a course прайсинга and allowed it and to shareholders to involve about $1,3 billion. Thus the price of actions in the beginning of the auctions reached $61.
IPO Yandex became one of the largest placings of the Russian companies after crisis of 2009, the second largest placing of the Internet company after world Internet giant Google, and also the first placing of the Russian company on Nasdaq since 2006.
One of sources has told Rejter that the book was переподписана 17 times, however, as mark many operating actives, the resubscription could develop partly and that potential investors, without counting on satisfaction of the demand even in an essential measure, raised its volume in times.
In some hours prior to the beginning of the auctions in the USA Yandex has defined the placing price on the top border of a price range - $25 for a paper that meant company cost in $8 billion, and analysts believed that despite so appreciation, quotations can grow during the first auctions.
The day before before closing of the book of demands Yandex has raised a placing range for 20 percent - to $24-25 c $20-22, and, according to one of sources in the financial market, already after closing of the book organizers of placing discussed possibility of increase of a range to $26-27.
"Within the limits of IPO it is impossible to name an estimation of Yandex low, however in short-term prospect we expect high speculative demand for company papers", - analysts of Uralsiba write.
"If to assume that EBITDA Yandex in 2011 will grow according to rates of increase of the market of contextual advertizing (growth for 60 percent in the first quarter) the company estimation on EV/EBITDA will make nearby 23. It corresponds to an estimation at 22-27 for the developing companies of sector of electronic commerce and quickly growing Chinese the Internet - of the companies", - analysts ВТБ of the Capital consider.
According to sources as close to placing, and in the financial market, demand for shares of company was very high from the first opening day of the book, and also has grown even more the ambassador of successful placing of social network LinkedIn.
GOOD ALTERNATIVE
Analysts believe that Yandex can become good alternative the only thing for today public large the Internet and to the media companies Mail.ru and RBC.
"IPO Yandex, in our opinion, the attention will draw to the Russian public Internet companies - Mail.ru Group and RBC, and can lead to the further revaluation of the Russian public Internet industry", - analysts ВТБ of the Capital write.
"Yandex actions represent alternative Mail.Ru from the point of view of investment in the Russian online market", - considers Uralsib, referring that Yandex receives a lion's part of a gain from Internet advertizing.
Supersuccessful 1$-milliard placing Mail.ru in London last November that was promoted also by that fact that the company owns 2,38 percent of the largest social network of world Facebook, since then is saddened by the reduction of price of actions reflecting growing fears concerning correctness of estimations of the company and the recent message on sale of shares of company by its founders.
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Yandex has risen in price for 40 % during a debut in the USA
Tuesday, on May, 24th 2011 20:10 MSD
To unpack | Article entirely
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Yandex Logo before company headquarters in Moscow on May, 23rd, 2011. The largest Russian Internet searcher Yandex has defined the price of the action during IPO at stock exchange Nasdaq in $25, the company on Tuesday in some hours prior to the beginning of the auctions has informed. REUTERS/Sergei Karpukhin
1 / 1В the full sizeGOOD ALTERNATIVE
Analysts believe that Yandex can become good alternative the only thing for today public large the Internet and to the media companies Mail.ru and RBC.
"IPO Yandex, in our opinion, the attention will draw to the Russian public Internet companies - Mail.ru Group and RBC, and can lead to the further revaluation of the Russian public Internet industry", - analysts ВТБ of the Capital write.
"Yandex actions represent alternative Mail.Ru from the point of view of investment in the Russian online market", - considers Uralsib, referring that Yandex receives a lion's part of a gain from Internet advertizing.
Supersuccessful 1$-milliard placing Mail.ru in London last November that was promoted also by that fact that the company owns 2,38 percent of the largest social network of world Facebook, since then is saddened by the reduction of price of actions reflecting growing fears concerning correctness of estimations of the company and the recent message on sale of shares of company by its founders.
"AND" THE CLASS
Company Yandex N.V registered in the Netherlands. And other shareholders of Yandex have offered investors of 52,2 million actions of a class "And", possessing one voice while class actions "In" have ten voices.
Thus, without given лидменеджерам an option for acquisition of 5,2 million actions (over-allotment option), the attraction volume has made $1,3 billion. Taking into account an option - more than $1,4 billion.
The company has received from placing of $385 million which plans to spend for infrastructure development, including server and date-centers, and also on absorption and investments into technologies, experts or the companies, whose profile is similar to Yandex operations.
Shareholders of Yandex, placing 36,8 million papers, have received about $920 million.
The basic shareholders of Yandex after IPO there are funds under control of Baring Vostok Capital Partners (23,89 percent of voting actions), Roth Advisors Ltd. (6,42 percent), the International financial corporation (6,12 percent), and also founders of the company Arcady Volozh (19,77 percent) and Ilya Segalovich (4,14 percent).
The source close to placing, has assumed that Baring Vostok has sold during it IPO not less than 20 percent of the package.
Yandex share in Internet search of Russia makes 65 percent while Google goes the second with much more modest result to 22 percent.
History the Recipe of success IPO of Yandex: talent, nerves and patience it is accessible on a code.
FACTBOX-Яндекс Spends IPO at stock exchange Nasdaq it is accessible on a code.
Calendar IPO and SPO the Russian companies in 2011 is accessible on a code.
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