Russian search engine Yandex jumped 55.4% on its first day of trading on Tuesday, giving it the fourth highest first-day pop so far this year, after Qihoo 360 (QIHU; 134.5%), LinkedIn (LNKD; 109.4%) and Zipcar (ZIP; 55.6%).
Yandex raised $1.3 billion in its IPO by offering 52 million shares at $25, the high end of its modified range of $24 to $25. The company had originally filed to raise $1.1 billion by selling 52 million shares at a range of $20 to $22. At the $25 share price, Yandex was valued at $8.4 billion on a fully diluted basis and replaced LinkedIn as the largest Internet IPO (both in terms of deal size and market cap) since its US counterpart Google went public in 2004.
Yandex is also the fourth largest IPO year-to-date, after HCA (HCA), Kinder Morgan (KMI) and Nielsen (NLSN). There have been 64 IPOs completed so far this year, raising over $22 billion in total proceeds. There are seven additional deals scheduled to price on this week's IPO calendar.
