Trading of Yandex shares on Moscow Exchange started yesterday in Russian rubles under symbol “YNDX”. Shares also continue to trade on the NASDAQ Global Select Market, where the search company was introduced in 2011.
Sberbank CIB1, the corporate and investment banking business of Sberbank, acted as financial advisor to Yandex. In addition, Morgan Stanley & Co. International plc. advised Yandex on certain issues related to the dual listing of the shares of Yandex.
“This local listing responds to demand from investors in Russia and benefits Yandex,” said Yandex CEO Arkady Volozh. “We anticipate that the listing will broaden the company’s shareholder base internationally and stimulate investor interest.”
Earlier this year, as the international turmoil around Ukraine and Crimea affected Russia’s relations with the Western world, the Russian government urged companies to delist their shares from overseas stock exchanges and trade in Moscow instead.
“This is a question of economic security,” First Deputy Prime Minister Igor Shuvalov stated. He did not present the move as mandatory, however, suggesting that companies make independent decisions.
In late April, Yandex stock price fell sharply on the NASDAQ following a few ill-chosen remarks by Vladimir Putin. The Russian president noted the presence of “so many Americans and so many Europeans” in the company’s government bodies.
