Russia’s most popular Internet search engine, Yandex is planning to expand its business outside Russia. The company has raised $1.3 billion from an IPO and its IPO is the biggest U. S. Internet listing since Google Inc. went public in 2004.

Yandex is a Moscow based company and its market share in Russia is three times more than Google’s market share. The company has planned to sell its shares at a price equivalent to at least 23 times next year’s earnings. The price of its shares is even higher than Google, as Google traded at 13 times expected 2012 earnings. The underwriters of the company have stopped taking orders for Yandex shares on May 20, rather than this week as planned.

Analysts have predicted that the initial public offering of the company may rise more than $1.26 billion in the US, which will make it world’s biggest technology IPO this year. No official announcement has been made by the company but it is likely to set price at or above $24 a share.

The shares of Yandex gained 62% to 820 million rubles in the first quarter of the financial year as compared to the same quarter last year.