The company which is commonly referred to as the Google of Russia, search engine Yandex priced its initial public offering above expectations Monday night at $25 a share raising $1.3 billion and putting a market value of $8 Billion before trading began.
The first trade was at $35 up 40%.
At $35 a share the company market value is $11.2 billion.
Shares traded as high as $42 and as low as $31.
At 11am the stock is trading around $33 a share.
Yandex generates 65% of Russia’s Internet search traffic in the first three months of the year and is the most visited site in Russia and is the largest Russian internet company by revenue.
In March 2011, the yandex.ru website attracted 38.3 million unique visitors.
Yandex trades under the symbol “YNDX.”