Report: Russian search site plans IPO

Yandex, a Russian search site and Internet portal, hopes to raise $1.5 billion to $2 billion in an IPO this fall, Reuters said.

Yandex, a Russian search engine, plans to raise $1.5 billion to $2 billion in an initial public offering this fall, Reuters reported Tuesday.

The funding is based on an overall valuation of about $5 billion, according to an unnamed source. Reuters also cited Russian media reports that Morgan Stanley, Deutsche Bank, and Renaissance Capital are managing the IPO on Nasdaq.

Yandex has about 8 million unique users per day, the company said. Its co-founders are Chief Executive Arkady Volozh and Chief Technology Officer Ilya Segalovich. The company's technology began as a linguistics project at the Russian Academy of Sciences project to build a search system for the Soviet government.

The Web site was launched in 1997, and the company now has become a portal site with photo sharing, social networking, an online payment system, free Web site hosting, and other features.

Google lags Yandex in Russian search. However, Google co-founder Sergey Brin said in an interview that the company thinks it's improved its search technology to better deal with the Russian language.

Tech Culture
About the author

Stephen Shankland has been a reporter at CNET since 1998 and covers browsers, Web development, digital photography and new technology. In the past he has been CNET's beat reporter for Google, Yahoo, Linux, open-source software, servers and supercomputers. He has a soft spot in his heart for standards groups and I/O interfaces.


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