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Russia's Yandex plans up to $2 bln NY IPO - source

Tue May 20, 2008 8:05am EDT

MOSCOW, May 20 (Reuters) - Russian biggest internet firm Yandex plans to raise between $1.5 billion and $2.0 billion in a New-York initial public offering in autumn this year, a source close to the offering told Reuters on Tuesday.

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The source said the proceeds expectations are based on a preliminary valuation of Yandex at $5 billion. He did not say what stake would be offered in the IPO.

Russian media earlier reported Yandex had mandated Morgan Stanley, Deutsche Bank and Renaissance Capital to organise an IPO on Nasdaq NADq.O.

Yandex was founded in 2000 by Arkady Volozh and Ilya Segalovich who currently own around 30 percent in the firm.

Funds ru-Net Holdings and Baring Vostok Capital Partners together hold more than 30 percent of Yandex' shares, while 15 percent are owned by Tiger Technoligies. The remaining is held by minority shareholders, including Yandex managers. (Reporting by Olga Popova; Writing by Maria Kiselyova; Editing by Tanya Mosolova)

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