Russian internet search engine Yandex is planning on raising more than $1 billion by offering an initial public offering on the NASDAQ.
People expecting an IPO from US based hot internet properties like Facebook, Groupon or Twitter were in for a shock when the Russian search engine giant decided to go public.
The company dominates the Russian search market with 64 percent market share and is the largest internet company in Russia with an annual revenue of $439 million. Yandex was founded in 1997 by Arkady Volozh, who isstill the company's CEO.
Yandex reported a net income of $134 million last year and now plans to go public. Morgan Stanley, Deusche Bank and Goldman Sachs are the leading underwriters for the IPO. The company plans to offer ordinary shares for $20 to $22 each, totalling $52 million in value, Fortune reports.
Apart from Volozh, the other two important shareholders in the company are Russian private equity firm Baring Vostok which has a share of 24.17 percent and US-based hedge fund Tiger Global, which has a 2.76 percent stake.
The company, which has come under immense political pressure in the past, including from the modern equivalent of the KGB, plans to use a chunk of the IPO for expanding its business overseas.