According to the Reuters report, the largest search engine in Russia, Yandex has chosen London to launch their IPO early next year. Around 1 billion pounds ($1,56 billion), is the estimated amount which the search engine firm is expecting to raise.
Russia is one of the very few countries that is not dominated by Google and Yandex has over 60% of the Russian search market. “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, according to the Moscow news. “It’s certainly a large amount but it could help Yandex become a truly international search engine,”
Recession in the economy has obstructed Yandex earlier effort for an IPO in 2008 on the Nasdaq, which would have raised between $500 million and $1 billion, However this time they have chosen the London stock exchange.
The internet firm Yandex has stated that “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.” on the question of IPO.