Russian tech giant Yandex is still planning an initial public offering for its ride-hailing business, and it's not been deterred by Lyft's struggling stock, according to a top exec.
div > div.group > p:first-child"> Speaking with CNBC on Friday in Moscow, Yandex CFO Greg Abovsky declined to specify a timeline for the IPO of Yandex.Taxi — even whether it would come this year — but said the offering remains part of the company's plans.
"We are talking to a number of investment banks: getting advice from them, getting insights from them from the Lyft IPO, from the pending Uber IPO, to make a more informed decision." Although Yandex.Taxi and Lyft offer similar services, Abovsky said his company was not overly concerned by the performance of the U.S. outfit.
"First and foremost, we are the clear leader, we have very strong market position here," he added."Number two is the business is profitable."
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