Russia's Yandex is set to complete the biggest internet IPO since Google, as investors wary of much-hyped social networks look instead for exposure to the fast-growing online advertising market. Yandex has 65 percent of Russia's online search market, pushing world leader Google (GOOG.O) into a distant second place in the emerging market with just over 20 percent. Its order book -- officially due to close on Monday -- is already oversubscribed, sources say. Yandex will raise $1.3 billion from its Nasdaq IPO if it prices new and existing shares at the top of their range and the banks exercise an over-allotment option. That would make it the biggest IPO by an internet firm since Google raised $1.67 billion in 2004. Internet stocks have become hot property again of late, as demonstrated by a rush of interest in internet investment company Mail.ru (MAILRq.L) -- and its stake in Facebook -- and U.S. corporate social networking firm LinkedIn.
Google Inc. (Google) is focused on improving the ways people connect with information. Shares of GOOG traded higher by 0.32% or $1.67/share to $531.48. In the past year, the shares have traded as low as $433.63 and as high as $642.96. On average, 2831330 shares of GOOG exchange hands on a given day and today's volume is recorded at 58612.
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