Yandex shares jump 50% on Nasdaq debut

Detail from Yandex website Yandex is often referred to as 'Russia's Google'

Shares in Yandex, Russia's largest search engine, have jumped by more than 50% on their first day of trading in New York, further evidence of investor appetite for internet stocks.

On the Nasdaq stock exchange, Yandex shares closed at $38.85, up from the initial price of $25.

The company raised $1.3bn (£800m) from its share offering on Monday, which valued it at about $8bn.

Last week, shares in business network site LinkedIn doubled on their debut.

"Yandex has picked a great time for an initial public offering for a tech company," said Anthony Moro at Bank of New York Mellon.

"For the longer term, they're in the right spot. They're the Google of Russia."

Russia is one of the few countries where Google is not the dominant search engine. Yandex holds 65% of the internet search market while Google has about 22%.

Investors are buying into the company as a bet on internet growth in Russia.

More on This Story

Russia Business Report

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

  • photo of patient zero, two year-old Emile OuamounoPatient zero

    Tracking first Ebola victim and and how virus spread


  • A young Chinese girl looks at an image of BarbieBarbie's battle

    Can the doll make it in China at the second attempt?


  • Prosperi in the 1994 MdSLost in the desert

    How I drank urine and bat blood to survive in the Sahara


  • Afghan interpetersBlacklisted

    The Afghan interpreters left by the US to the mercy of the Taliban


  • Flooded homesNo respite

    Many hit by last winter's floods are struggling to pay soaring insurance bills


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.