Yandex Readying IPO

By The Moscow Times

April 28, 2011

Yandex, the country's biggest Internet search engine, will begin pre-marketing its initial public offering on U.S. index Nasdaq early next week, three financial market sources said Thursday.

Banks running the IPO will meet investors in Moscow from May 3, one of the sources said.

The IPO is organized by Deutsche Bank, Morgan Stanley and Goldman Sachs and is expected to raise about $1 billion, a source close to the placement said earlier this year. Yandex declined to comment.

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