Shares in Russian search engine giant Yandex NV jumped 55% after listing on the Nasdaq after a $1.2 billion capital raising.
The company, which had a market capitalisation of $8 billion on listing, is now worth more than $13 billion.
The company has more search traffic in Russia than Google and is also strongly profitable. It had net earnings of $US134.3 million in 2010 based on revenue of $US439.7 million.
And the company’s executives aren’t shy about their success either.
“Google is a great company, but we are better,” co-founder and chief technology officer Ilya Segalovich told Reuters.
“We… are very focused on what we are doing and the focus is technology and search.”
ABOUT THE AUTHOR
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review's companies & markets editor, and a former BRW editor.
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