Davis Polk advised Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Goldman, Sachs & Co. as representatives of the several underwriters in connection with the SEC-registered initial public offering of 57,391,493 of Class A shares of Yandex N.V. for an aggregate price to the public of approximately $1.4 billion. Yandex sold 16,940,000 Class A shares and certain selling shareholders sold 40,451,493 Class A shares, including an aggregate of 5,217,405 Class A shares sold by Yandex and the selling shareholders pursuant to an over-allotment option granted to the underwriters. The shares are listed on the Nasdaq Global Select Market under the symbol “YNDX.” The offering was the biggest technology IPO worldwide this year and the largest IPO of an Internet company since Google Inc.’s IPO in 2004.
Yandex is the leading Internet company in Russia, operating the most popular search engine and the most visited website. In 2010, Yandex generated 64% of all search traffic in Russia and was the largest Russian Internet company by revenue. In addition to providing advanced search technology and information retrieval services, Yandex also aggregates and organizes extensive local, national and international content and offers a broad range of additional services.
The Davis Polk team included corporate partner Nigel D. J. Wilson and associates Petja Toskan, Pawel J. Szaja and Matthew Hart. Partner John D. Paton and associate Alon Gurfinkel provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Associate Catherine L. Martin provided Investment Company Act advice. Angela Yeung was the legal assistant for the transaction. Members of the Davis Polk team are based in the London and New York offices.
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