Russia’s no.1 search engine and the country’s biggest internet firm Yandex, is now raising funds via a New York-IPO scheduled later this year. Yandex is hoping to raise around $1.5-$2.0 billion funds which is based on a preliminary valuation of Yandex at $5 billion.
Yandex had already mandated Morgan Stanley, Deutsche Bank and Renaissance Capital to organise an IPO on Nasdaq NADq.O.
Yandex has definitely come along way since we covered them in the Journal’s Spotlight of 500 Search Engines two years ago. It beats both Yahoo and Microsoft in March 2008 getting 522 million or 2.2 percent of all European searches conducted during the period, based on comScore data. It also got 47% of all searches conducted in Russia followed by Google, Rambler and Mail.ru, with a total revenue of $167 million in 2007.
No wonder, even Google’s Sergy Brin was amazed at how Yandex’s many talented people was able to make Yandex beat Google search in Russia.