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????很多人都說是高朋（Groupon），據報道，高朋早已聘請了投行。或者是Facebook，它可能會在明年5月前上[除非美國證券交易委員會（SEC）放寬了500人的股東限制]。又或者是Zynga，它可能也已接近500人的股東限制。再或者是Twitter，因為……好吧，因為你不能只談高朋、Facebook和Zynga，而把Twitter拋在一邊。 ????但是，下一個熱門網站IPO既不是來自芝加哥也不是硅谷，而是來自莫斯科。 ????它就是俄羅斯搜索引擎網站Yandex。該公司近日提交文件，申請在納斯達克上市，募資規模超過10億美元。摩根士丹利(Morgan Stanley)、德意志銀行(Deusche Bank)和高盛(Goldman Sachs)擔任其聯合主承銷商。計劃以20-22美元/股的價格發行5,200萬股普通股[Yandex股權結構分兩種，類似于谷歌(Google)和LinkedIn]。 ????Yandex成立于1997年——是的，先于谷歌——有報道稱，去年該網站的搜索流量有64%來自俄羅斯境內。該公司也是俄羅斯營收最高的互聯網公司(4.39億美元)。 ????更令人刮目相看的是其2010年的凈利潤，達到了1.34億美元。可參照的是，LinkedIn去年僅實現凈利潤1,500萬美元，營收2.43億美元(而且LinkedIn警示稱其2011年可能不會盈利)。 ????Yandex主要的內部股東包括俄羅斯私募股權公司Baring Vostok (IPO前持股24.17%)和美國對沖基金Tiger Global (持股2.76%)。 ????同時，Yandex網站有一定的政治風險——前身為克格勃的俄羅斯情報機構近日要求該網站提交一家反腐網站的捐助人信息，該網站主要針對國營企業反腐——不過，這樣的擔憂不太可能阻礙IPO(至少參照中國公司來說是如此)。 ????據IPO跟蹤機構Renaissance Capital報道，預計Yandex將于本周完成定價。 |
????Lots of talk about Groupon, which reportedly has already hired bankers. Or Facebook, which could be compelled to list before next May (unless the SEC loosens is 500 shareholder rule). Or Zynga, which also may be closing in on that 500 threshold. Or Twitter, because… well, because you can't discuss Groupon, Facebook and Zynga without adding Twitter to the mix. ????But the next hot Internet IPO won't be from a company based in Chicago or Silicon Valley. Instead, look to Moscow. ????The company is Yandex, a Russian search engine that recently filed to raise more than $1 billion via a Nasdaq listing. Morgan Stanley, Deusche Bank and Goldman Sachs are serving as co-lead underwriters for the offering, which plans to price more than $52 million ordinary shares at between $20 and $22 a piece (it's another dual stock structure, just like Google or LinkedIn (LNKD). ????Yandex was founded way back in 1997 -- yes, before Google (GOOG) -- and reports that it generated 64% of all search traffic in Russia last year. It also was the largest Russian Internet company by revenue, with $439 million. ????More impressive is its 2010 net income, which stood at $134 million. For context, LinkedIn last year reported just $15 million in net income on $243 million in revenue (and is warning that it will not be profitable in 2011). ????Major inside shareholders include Russian private equity firm Baring Vostok (24.17% pre-IPO stake) and U.S. hedge fund Tiger Global (2.76%). ????Yandex comes with a fair share of political risk – the KGB's successor organization recently ordered it to turn over contributor data to an anti-corruption website focused on government-owned companies – but such worries are unlikely to derail the IPO (at least in Chinese comps are any guide). ????IPO trackers Renaissance Capital reports that Yandex is expected to price its offering next week. |
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