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A new search engine has IPOed today: Yandex, ticker, YNDX. Do not confuse with Spandex, although its prices are very elastic. It began trading today after its initial public offering was priced Monday night at $25 a share. Currently there is a bid ask of $50 and $85, or some other lofty values which are surely to move higher today in all this IPO silliness.
We have seen this movie before.
The company raised $1.3B, selling 52.2 million Class A shares. Its original expected price range was $20 to $22. No doubt, LinkedIn mania helped it.
Says the WSJ: "Yandex, the largest Russian Internet company by revenue, is also its most popular search engine, generating 65% of all search traffic in a country that isn't dominated by Google Inc. he company also operates in Ukraine, Kazakhstan and Belarus.
Consumer Internet companies both public and private have been drawing buzz in the U.S., especially in the wake of LinkedIn Inc.'s initial public offering last week, during which its shares doubled on the first day, the second-highest IPO performance of the year. That stock closed down 5% for the day Monday
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