UPDATE: Yandex doubles share offering to $400 mln, price at $49.25

(Adds details from paragraph 3)

MOSCOW, Jun 25 (PRIME) -- Russian Internet company Yandex has doubled the volume of its public share offering to $400 million from $200 million and is offering 8.1 million newly issued Class A shares at a price of U.S. $49.25 per share, the company said in a statement seen by PRIME on Thursday.

“Yandex N.V., one of Europe’s largest internet companies and the leading search and ride-hailing provider in Russia, today announced the pricing of its public offering of 8,121,827 newly issued Class A shares at a public offering price of $49.25 per Class A share,” the company said.

Yandex’s American depositary receipts (ADRs) closed the Wednesday session in New York at $50.30.

The company will place the newly issued shares on June 29.

Yandex granted underwriter Goldman Sachs & Co a 30-day option to purchase up to 1,218,274 Class A shares at the offering price

The company will place 4,060,913 Class A shares in favor of VTB Capital, the investment business arm of VTB Group, a Russian bank and global provider of financial services; Ervington Investments Ltd., a company whose ultimate beneficiary is Roman Abramovich; and Treliscope Ltd., a company whose ultimate beneficiaries are Alexander Abramov and Alexander Frolov.

The combined income from the private and public placements is seen at about $1 billion.

The company said earlier it plans to place the new shares for $800 million, including for $600 million in favor of the private investors.

Yandex will invest the raised money in financing of further growth of business and strategic initiatives, including e-commerce.

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