Yandex has added its name to the growing list of companies that have filed to go public in recent months: The Russian internet company, which controls 65 percent of the search market in that country, says in an SEC filing that it hopes to raise as much as $1 billion by floating on the Nasdaq. The filing, included in full below, shows that the company is profitable, posting $134.3 million in net income on $439.7 million in sales last year.
Yandex had $110.9 million in cash as of March 31, so the offering will substantially increase the amount of cash it has on hand. The company, which had first said nearly three years ago that it was preparing to go public but then delayed those plans citing market conditions, says it will use the proceeds from the offering for “general corporate purposes, including investments in technology infrastructure.”
Major shareholders include Russian private equity firms Baring Vostok Capital Partners, which controls nearly a quarter of the company’s voting power, as well as CEO Arkady Volozh, who has nearly a fifth.
Here’s the company’s F-1 filing: