Yandex surges on first day

Shares of Russian internet company Yandex surged more than 40 per cent in their debut yesterday, in the largest US initial public offering in the internet sector since Google. Yandex raised $1.3bn (£803m) in its IPO on Monday by selling 52.2m shares for $25 each. The offering valued the overall company at about $8bn. Morgan Stanley, Deutsche Bank and Goldman Sachs led the underwriters on the offering. Shares were up 40 per cent at $35, after pricing at $25.