Underwriters to earn $15 mln from Yandex SPO
MOSCOW. March 14 (Interfax) - The underwriters of an SPO by Russian Internet company Yandex this week will earn around $15 million from the deal.
The company says in materials that the banks will earn $13.8 million from the deal, which will amount to $552 million if an over-allotment option is not exercised, and $15.2 million if the option is exercised ($607 million).
Morgan Stanley will earn the most - 10.18 million of the 23.25 million shares were sold via it. The rest of the shares were sold in equal portions of 7.03 million shares via Deutsche Bank and Goldman Sachs.
The shares were sold for $22.75 apiece and the fees were $0.568 per share.
The selling shareholders are BC&B Holdings, controlled by Baring Vostok, Belka Holdings Limited, affiliated with Yandex founder and CEO Arkady Volozh, Emerald Trust and Ilya Segalovich.
In total, the shareholders are selling 24,253,987 Class A shares and the company itself will not receive any cash. The underwriters Morgan Stanley, Deutsche Bank and Goldman Sachs have an over-allotment option for 2,425,399 Class A shares.
