Deutsche Bank, Morgan Stanley and UFG have won the mandate to lead the initial public offering of Yandex, the operator of Russia's largest internet portal, dubbed by bankers the Russian Google.

The float, probably in the second half of next year, is expected to value Yandex at $100m (€85m). The company, founded by IT entrepreneur Arkady Volozh, is backed by venture capital firm ru-Net Holdings, which is owned by private equity firms Baring Vostok Capital Partners, Rex Capital and Deutsche Bank's Russian affiliate, UFG.