Yandex to IPO Yandex.Taxi in the next two years

Yandex to IPO Yandex.Taxi in the next two years
Yandex to IPO Yandex.Taxi in the next two years
By bne IntelliNews January 26, 2019

Russia’s internet giant Yandex says it will IPO its Yandex.Taxi service sometime in the next two years, the operating and financial director of Yandex Greg Abovsky told RIA Novosti on the sidelines of the World Economic Forum on January 25.

“We have said in the past that Yandex.Taxi may and will soon become a public company. I do not know whether this will happen in 2019 or 2020, but it will happen,” said Abovskiy.

Previously plans to hold IPO following the merger with Uber in the region were announced for the first half of 2019. The listing will be held, most likely in the US, Abovskii told Bloomberg.

“There are no specific plans for IPOs of other companies besides Yandex. Taxi,” the Yandex director added in an interview with RIA Novosti.

Yandex.Taxi and Uber have combined the businesses in Russia, Kazakhstan, Belarus, Azerbaijan, Armenia and Georgia, investing in the capital of the new company $225mn and $100mn respectively. The deal was closed in February last year and 59.3% of the joint venture belongs to Yandex, 36.9% belong to Uber, and another 3.8% belong to employees.

 

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