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专栏 - 从华尔街到硅谷

下一个大型网站IPO不是Facebook (也不是高朋)

Dan Primack 2011年05月24日

Dan Primack专注于报道交易和交易撮合者,从美国金融业到风险投资业均有涉及。此前,Dan是汤森路透(Thomson Reuters)的自由编辑,推出了peHUB.com和peHUB Wire邮件服务。作为一名新闻工作者,Dan还曾在美国马萨诸塞州罗克斯伯里经营一份社区报纸。目前他居住在波士顿附近。
LinkedIn已是昨日旧闻。今天的话题是“谁会是下一个?”

    很多人都说是高朋(Groupon),据报道,高朋早已聘请了投行。或者是Facebook,它可能会在明年5月前上[除非美国证券交易委员会(SEC)放宽了500人的股东限制]。又或者是Zynga,它可能也已接近500人的股东限制。再或者是Twitter,因为……好吧,因为你不能只谈高朋、Facebook和Zynga,而把Twitter抛在一边。

    但是,下一个热门网站IPO既不是来自芝加哥也不是硅谷,而是来自莫斯科。

    它就是俄罗斯搜索引擎网站Yandex。该公司近日提交文件,申请在纳斯达克上市,募资规模超过10亿美元。摩根士丹利(Morgan Stanley)、德意志银行(Deusche Bank)和高盛(Goldman Sachs)担任其联合主承销商。计划以20-22美元/股的价格发行5,200万股普通股[Yandex股权结构分两种,类似于谷歌(Google)和LinkedIn]。

    Yandex成立于1997年——是的,先于谷歌——有报道称,去年该网站的搜索流量有64%来自俄罗斯境内。该公司也是俄罗斯营收最高的互联网公司(4.39亿美元)。

    更令人刮目相看的是其2010年的净利润,达到了1.34亿美元。可参照的是,LinkedIn去年仅实现净利润1,500万美元,营收2.43亿美元(而且LinkedIn警示称其2011年可能不会盈利)。

    Yandex主要的内部股东包括俄罗斯私募股权公司Baring Vostok (IPO前持股24.17%)和美国对冲基金Tiger Global (持股2.76%)。

    同时,Yandex网站有一定的政治风险——前身为克格勃的俄罗斯情报机构近日要求该网站提交一家反腐网站的捐助人信息,该网站主要针对国营企业反腐——不过,这样的担忧不太可能阻碍IPO(至少参照中国公司来说是如此)。

    据IPO跟踪机构Renaissance Capital报道,预计Yandex将于本周完成定价。

    Lots of talk about Groupon, which reportedly has already hired bankers. Or Facebook, which could be compelled to list before next May (unless the SEC loosens is 500 shareholder rule). Or Zynga, which also may be closing in on that 500 threshold. Or Twitter, because… well, because you can't discuss Groupon, Facebook and Zynga without adding Twitter to the mix.

    But the next hot Internet IPO won't be from a company based in Chicago or Silicon Valley. Instead, look to Moscow.

    The company is Yandex, a Russian search engine that recently filed to raise more than $1 billion via a Nasdaq listing. Morgan Stanley, Deusche Bank and Goldman Sachs are serving as co-lead underwriters for the offering, which plans to price more than $52 million ordinary shares at between $20 and $22 a piece (it's another dual stock structure, just like Google or LinkedIn (LNKD).

    Yandex was founded way back in 1997 -- yes, before Google (GOOG) -- and reports that it generated 64% of all search traffic in Russia last year. It also was the largest Russian Internet company by revenue, with $439 million.

    More impressive is its 2010 net income, which stood at $134 million. For context, LinkedIn last year reported just $15 million in net income on $243 million in revenue (and is warning that it will not be profitable in 2011).

    Major inside shareholders include Russian private equity firm Baring Vostok (24.17% pre-IPO stake) and U.S. hedge fund Tiger Global (2.76%).

    Yandex comes with a fair share of political risk – the KGB's successor organization recently ordered it to turn over contributor data to an anti-corruption website focused on government-owned companies – but such worries are unlikely to derail the IPO (at least in Chinese comps are any guide).

    IPO trackers Renaissance Capital reports that Yandex is expected to price its offering next week.

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