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The IPO of Russia's most popular search engine was about 17 times oversubscribed, a source told Reuters. The intense demand for the shares comes on the heels of the IPO of U.S. professional networking company LinkedIn Corp, raising comparisons with the dot-com boom of the late 1990s.
Yandex raised $1.3 billion in its IPO on Monday by selling 52.2 million shares for $25 each. The offering valued the overall company at about $8 billion.