Yandex froze plans for the IPO of Yandex.Taxi, including due to the pandemic.

The fact that Yandex is no longer considering the possibility of a public offering of Yandex.Taxi shares was announced by the company's financial director Greg Abovsky at an online conference with Sberbank CIB analysts. He cited the coronavirus pandemic as one of the factors.

Greg Abovsky

CFO of Yandex

“We have completely changed our minds. We see a lot of synergies within the group due to the fact that we have a controlling stake. And against the background of the pandemic, and against the backdrop of developing businesses that were born due to the pandemic in Yandex.Taxi

a question about the Yandex.Taxi IPO In an interview with The Bell in early May, the head of Yandex, Tigran Khudaverdyan, answered : “We are not up to it yet. Now it is not included in the list of the main priorities of the company.

In the summer, there were reports that instead of placing Yandex, it would buy out Uber's share. The share of Uber in Yandex.Taxi is 38%. At the end of March, Uber itself estimated it at $1.2 billion. Under the terms of the agreement, until February 2021, Uber cannot transfer a stake in the joint venture without the consent of Yandex. After this period, Yandex will receive the priority right to buy out Uber's share.