Yandex sells shares at $25 at IPO, raises $1.3 bln

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Russia's most popular search engine Yandex has set its Initial Public Offering price at the top of the price range at $25 per share and raised $1.3 billion, Vedomosti business daily reported on Tuesday citing a source close to placement participants.

Russia's most popular search engine Yandex has set its Initial Public Offering price at the top of the price range at $25 per share and raised $1.3 billion, Vedomosti business daily reported on Tuesday citing a source close to placement participants.

Yandex, valued at $8.03 billion, will start trading on the U.S. NASDAQ stock exchange on 18:30 p.m. Moscow time.

Morgan Stanley, Deutsche Bank and Goldman Sachs, the lead managers of the placement, may sell about 5.2 million shares.

A Yandex source told Vedomosti the bid book was 15 times oversubscribed. The company has initially set the price range at $20-22 per share, but raised it because of investor appetite for the growing Internet market.

Last week, LinkedIn social network held its IPO and boosted its initial price by about a third. Russia's Mail.ru Group also placed its stock at the highest boundary of the price range last November.

MOSCOW, May 24 (RIA Novosti) 

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