A chair with a souvenir bag on it are seen in the hall of press conference dedicated to Yandex Dengi (Money) service of the searching vehicle.
Photo: Alexander Miridonov
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Yandex Launched Investors Search
Russia’s biggest Internet holding Yandex is willing to make IPO on the U.S. NASDAQ this fall. The arrangers are Morgan Stanley, Deutsche Bank and Renaissance Capital - the respective agreements with these banks have been sealed already. The analysts expect Yandex capitalization to exceed $3 billion as a result, saying this placement of stocks will be the biggest IPO in the information and communication sector of Russia’s market.
According to a source familiar with the situation, Deutsche Bank, Morgan Stanley and Renaissance Capital got the IPO-arranging mandates in late 2007. The target floor is on the U.S. NASDAQ; the actual size of the placement hasn’t been determined yet. Yandex is in no extreme need for raising the funds, so the holders that decide to sell their stocks will get the better part of the money generated via IPO, said a source with one of the banks. An option of releasing new stocks is considered as well but its share in the overall placement won’t be significant in any case, the source specified.
Another banker confirmed the information yesterday, pointing out that IPO is likely to be made in the fall. The stocks could be placed during 135 days of the date of the last report. We have scheduled the IPO after the H1 report, the banker added.
Yandex briefer Mikhail Ushakov declined to comment yesterday, but he didn’t refute the information. People in Deutsche Bank, Morgan Stanley and Renaissance Capital didn’t comment either, similar to Andrei Kostyashkin, the partner to Baring Vostok Capital Partners, which is one of the Yandex holders.
www.kommersant.com
All the Article in Russian as of Feb. 15, 2008
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