WebGuild: Russian Startup Halts Google’s Rise: Files $2 Billion IPO

"Russian startup, Yandex, is the most popular search engine in Russia with 55% of the market compared with Google’s 21%. Currently, there are 33 million Russians online (as many people as in Britain and more than France) and that is expected to grow to 60 million in the next five years (by 2013).
In 2000, the company had revenues of $400,000 and was valued at US$14 million. Last year, it had revenues of US$170 million and is planning a US$2 billion public offering that would give the company a public valuation of US$5 billion. Many industry analysts believe that this figure will probably double. A group of U.S. & European investors who invested US$5 million in the company is expected to cash out US$1.4 billion worth of shares when it goes public."