..

Yandex: Biggest 2011 Tech IPO

Written by:
Aaron Goldstein
Published on:
May/24/2011
Yandex

Russia’s most popular Internet search engine has gone public, jumping 38 percent on the Nasdaq Stock Market after raising $1.3 billion in an initial public offering.  It is indeed the biggest tech IPO for 2011.  The company was valued at $8 billion.

Trading under the symbol YNDX, the shares rose $9.50 to $34.50 at 10:53 am ET Tuesday. 

Yandex, which has three times the market share of Google in Russia at 64 percent, attracts more than 56 million Web users from around the world.  One of Yandex's largest advantages for Russian-language users is recognition of Russian inflection in search queries.  Searches can also be conducted in English.  The company was launched in 1997 and co-founded by Arkady Volozh, its current Chief Executive Officer.

“Russia deserves to have a technology company of a global level," Volozh told Reuters recently. "We're working toward that happening."

"Yandex has picked a great time for an IPO for a tech company," said Anthony Moro, managing director and head of emerging markets at Bank of New York Mellon Corp., which has about $1.1 trillion in assets under management. "For the longer term, they're in the right spot. They're the Google of Russia."

The search firm makes most of its revenue from advertising.  Online advertising in Russia climbed 51 percent from 2008 to 2010, reaching 26.65 billion rubles. 

Russian President Dmitry Medvedev says he is making “modernization” of the media a top priority in the country. 

Last week, shares of LinkedIn Corp., a social networking website, more than doubled on its first day of trading after the IPO raised $405.7 million.

Here are your spread betting options for the Dow Jones close by month's end.  These prices were available May 24, 2011

 

•   Dow Jones to close ON or ABOVE 11750 on 31 May 2011- 95 percent chance

•   Dow Jones to close ON or ABOVE 12250 on 31 May 2011- 83 percent chance

•   Dow Jones to close ON or ABOVE 12500 on 31 May 2011- 34 percent chance

 

*All odds found at intrade.com 

 

- Aaron Goldstein, Gambling911.com

Business/Financial News

What is the Ideal Block Size and Fee Cost?

What is the Ideal Block Size and Fee Cost?

Markets are better at deciding what block sizes and fee costs should be.  Leave it up to the miners and users, not development committees.

Rest in Peace Bitcoin?  Not Quite

Rest in Peace Bitcoin? Not Quite

Bitcoin ain't dead yet, nowhere near. Bitcoin is currently sitting at a $115 Billion market cap with each Bitcoin currently being worth $6,728.33.  The last time we saw a price point similar to this level was in early February, just 4 months ago. During that same month Bitcoin bounced back to over $11,000.

Inside the Cryptocurrency Revolution

Inside the Cryptocurrency Revolution

Vice News on HBO is set to premier a segment on the "Cryptocurrency Revolution", more specifically detailing Genesis Mining. 

Bitcoin Blockchain Acceptance Updates

Use of cryptocurrencies can be done anonymously.  Companies like JazzSports are leading the way by promoting anonymous accounts that only require a valid email account.  Payments are through a virtual wallet using the blockchain.  This means it no longer matters where the actual customer physically resides.

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

The man who claims to have invented Bitcoin and was ordered by a judge to surrender approximately $3 billion of his Bitcoin holdings says he can't, at least not any time soon.

Syndicate