‘Russian Google’ IPO Expected to Raise $1.3 Billion

Biggest offering in tech since the original Google pricing

Yandex, the “Google of Russia,” will issue an IPO on the Nasdaq this Tuesday, and it's expected to raise $1.3 billion—the most money of any tech company since Google went public in 2004. The stock was priced Monday night at $25 per share, the top of its range. Its original offer price was $20 to $22.

Yandex, which stands for “Yet Another Index,” is Russia’s leading search engine, controlling about 65 percent of the country’s search market. The company generates almost all of its money from advertising.

According to the New York Post, Yandex should benefit from being the first company to offer public investors a share of the Russian tech market, but at the same time, its Russian roots could also prove a disadvantage: Investors fear that a crackdown on the Internet in Russia could negatively impact the company. “Yandex has that exposure to political risk,” one analyst told the Post.