Shares of Russian internet search engine Yandex shot up on their first day of trading on the Nasdaq.
The company’s initial public offering – which was the biggest since Google in 2004 – attracted huge interest and was 17 times oversubscribed.
More than 52 million shares were sold at $25 each.
Yandex is the most popular search engine in Russia’s. It has a market share of 65 percent compared with Google’s 22 percent.
Indeed some analysts are calling Yandex the Google of Russia but it will need to prove it can generate the returns investors will be expecting.
Yandex fans also highlight the company’s record of profitable growth, driven by online advertising, and point out it has a competitive edge over Google as it is better equipped to handle the grammatical complexities of the Russian language.