FX.co ★ Yandex enters the market and renders its workers millionaires

Placing Yandex shares on Nasdaq enabled 270 its workers earn 2 millions each, Vedomosti newspaper informs.
10% Yandex specialists take part in the options programme (share motivation of the staff). 10% of the company’s shares were allocated for this programme which is 32.12 mln. shares. Within the framework of this programme participants are entitled to buy the securities out. As of the end of March 2011, the company’s staff comprised 2677 people.
Over a half of options (17.36 mln. securities) are already obligated for the Yandex workers at the average price of USD 3.62 per share. The cost of this package constituted USD 598 mln., USD 34,45 for each share.
The average income of one Yandex official is thus two million dollars. Meanwhile, the founder of the company Arkady Volozhin can gain USD 116.2 mln. in total if he decides to sell the shares, Vedomosti says.
The largest internet search system Yandex placed its shares on Nasdaq on May 24 for the first time. The company managed to attract USD 1.3 bln. through placing its securities at the price of USD 25 each. It had been planned to place the securities at the price of 20-22 dollars each, however, the company had to raise the price due to high demand.
May 27 Yandex carried out supplementary share placement and boosted the volume of funds attracted up to USD 1.43 bln. The profit the company made is equal to USD 399 mln. Yandex entry to Nasdaq is considered to be one of the most successful initial placements in the world in 2011.
It is worth mentioning that about 200 people are partaking in the share motivation campaign arranged by Mail.ru which placed its shares on the London stock exchange last year. 5% of the company’s shares are involved in the campaign.