Yandex has become the latest Internet company to enjoy a significant pop after going public. The Russian search engine made its debut on Nasdaq on Tuesday, with shares surging from an offer price of $25 per share to as high as $42 before settling in the mid-30s.
At a price of $35 per share (around where the company was trading as of 2 p.m. ET), the company is now valued at more than $11 billion. Although its shares didn’t spike as much as those of LinkedIn, which more than doubled in their first day of trading last week, Yandex is the biggest tech IPO of the year, having raised $1.3 billion in the deal.
Yandex’s revenue totaled $439.7 million in 2010 and $137 million (with a profit of $29 million) in the first quarter of this year. The company holds 65% of the Russian search market compared to the 22% share Google has amassed.