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Yandex To Raise $1.3B In IPO

Yandex is seeking to sell shares worth $1.15 billion in an initial public offering.

Yandex is seeking to sell shares worth $1.15 billion in an initial public offering, The Wall Street Journal reports. The Russian search engine may use the proceeds to invest in technology infrastructure, especially new servers and data centers and for possible acquisitions of or investments in technologies, teams and businesses, adds Reuters.

Private equity firm, Baring Vostok Capital Partners, is likely to become the company’s biggest shareholder after the IPO, controlling 26% of the voting rights. Morgan Stanley, Deutsche Bank and Goldman Sachs will serve as the leading underwriters on the offering.

Click here for the story from The Wall Street Journal.

Click here for the story from Reuters.

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