They say good things come to those who wait. That proved to be true for Russian Internet search company Yandex N.V., which was forced to abandon its first attempt at an initial public offering in 2008 after the collapse of Lehman Brothers Holdings Inc. sent markets into meltdown.
When Yandex finally launched on the Nasdaq last May, the frenzy surrounding tech IPOs was such that some analysts asked whether it was the beginning of another dot-com boom. Days earlier, LinkedIn Corporation, which generated profits of $15 million in 2010, had achieved a $9 billion valuation on the New York Stock Exchange after its share price more than doubled in early trading.
