Yandex.Taxi, the ride-hailing arm of Russian online giant Yandex, is pushing ahead with its plans to organise its highly anticipated initial public offering (IPO), while struggling to remain profitable amidst the coronavirus (COVID-19) pandemic.
Earlier this month, Yandex.Taxi CEO Tigran Khudaverdyan was quoted by The Bell as saying that the company has not abandoned plans to go for an IPO but, given the current coronavirus restrictions, this is not a priority. He did not provide any timeline for the mooted IPO, which was originally expected in 2020.
The news about Yandex.Taxi’s IPO plans first broke last November, when the company reportedly hired three investment banks for the purpose. However, the coronavirus outbreak has put many market events, including Yandex.Taxi’s IPO plans, on hold.
Russia’s Yandex.Taxi’s IPO still on, as it struggles to stay profitableRead More
