Yandex.Market changed its mind about conducting an IPO – Finance on vc.ru

The management of Sberbank and Yandex.Market spoke about the service’s plans to enter the stock exchange at a time when it was part of the joint business of the bank and Yandex.

  • The question of holding an IPO is no longer for Yandex.Market and its shareholder, reports Interfax with reference to the head of the company Maxim Grishakov.
  • “When there is one full-fledged shareholder who believes that e-commerce will last for a long time, that this is a large construction project, then in general there is no need for external financing at this stage. It makes no sense to conduct an IPO just for the sake of interest, ”said Grishakov.
  • The management of Sberbank and Grishakov spoke about Yandex.Market’s plans to enter the stock exchange at a time when the service was part of the joint business of the bank and Yandex. “When they reach the parameters acceptable for the IPO, then such an exit is planned,” – spoke Sberbank CEO German Gref in June 2018.
  • IPO is possible in the future five years, predicted in May 2019, the first deputy chairman of the board of Sberbank Lev Khasis. Grishakov agreed with this forecast.
  • In June 2020, Yandex and Sberbank announced on the division of joint assets: the Internet company bought out Yandex.Market, and the bank – Yandex.Money. So Yandex became the only and “full-fledged” shareholder of “Market”.

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