Yandex, Russia’s most popular internet search engine, plans to set the price of its planned initial public offering on U.S. stock exchange Nasdaq by May 23, according to a news report.
Reuters cites two sources close to the placement saying the search giant is planning on its shares going public to boost expansion.
One source told Reuters that the company, which plans to raise up to $1 billion through the sale of new and existing shares in May, will announce a price range on May 6 or 9.
The other source said the guidance would be made public on May 9.
Yandex has this week begun pre-marketing the IPO after confirming last week its intention to float.