Russia’s Yandex does not see IPO of taxi joint venture as priority

Photo: Reuters

A flotation of Yandex.Taxi, a joint venture between Russia’s top search engine Yandex and Uber Technologies Inc, is currently not a priority for the Russian company, its managing director told the Bell news outlet on Wednesday.

Yandex.Taxi, the country’s top online taxi service and the fastest growing business for Yandex, hired investment banks late last year to prepare for its long-awaited initial public offering in the first half of 2020.

But with Russia largely on lockdown since late March due to the coronavirus outbreak, the taxi business has been hit hard, Yandex’s Tigran Khudaverdyan told the Bell, with a recovery not expected in the next two quarters at least.

With the taxi business in a temporary decline, the Yandex.Taxi IPO “is not our priority for now”, Khudaverdyan told the Bell.

He did not provide details on when the company may return to the plan.

Taking a double hit from the coronavirus pandemic and low oil prices, Russian gross domestic product is seen contracting by 5-6% this year, the most in a decade. Bankers expect few share offerings this year in Moscow, once a lucrative market.

Russia’s Sovcombank, among the top domestic lenders and another company which was considering an IPO this year, is delaying its plans until 2021, its co-owner said last month.

Reuters 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.