Yandex prices 11 million incentive-plan shares at 3,463.50 rubles

Yandex has set the placement price for its planned employee incentive share issue at 3,463.50 rubles per ordinary share, according to a company disclosure published on November 5, 2026. The decision applies to an already announced issue of 11 million shares intended to supply the incentive programme through at least the end of 2027.

The board made the decision on November 3; the minutes and disclosure are dated November 5. The price follows the weighted average for Yandex ordinary shares traded on the Moscow Exchange on November 2, as specified in the filing.

A price for an existing plan

The announcement fixes a transaction term rather than introducing an entirely new incentive programme. Yandex had announced the 11 million-share placement on September 29, describing it as about 2.8% of its share capital and scheduling the placement for November.

The November 5 corporate disclosure records participation by all nine directors and unanimous approval. It identifies the additional issue as registered on October 21.

Multiplying the announced number of shares by the placement price produces 38.0985 billion rubles. That is a calculation of the issue's aggregate price, not evidence that Yandex has completed the placement or received that amount in cash. The disclosure reviewed here is a pricing decision.

One pool instead of quarterly issues

Previously, Yandex issued additional shares each quarter for individual option-exercise windows. In its September announcement, the company said it would replace that approach with one larger pool covering forecast programme needs through at least the end of 2027.

The company said this would simplify administration and reduce dependence on the timing of separate placements. Interfax reported that the shares would be placed with ESOP SPV, the programme administrator.

The distinction between creating the pool and delivering shares to employees is central. Yandex said employees would receive shares as they exercised options, rather than all at once when the pool was formed.

Voting and dividends follow different timing

According to Yandex's September release, the shares do not carry voting rights or participate in dividend distributions before transfer to employees. The headline issue size therefore should not be read as an immediate, identical increase in voting shares.

Yandex also said it could use both new issuance and buybacks to supply the programme. It described repurchases as partly offsetting the effect of new issues on the number of voting shares. That is the company's stated mechanism, not a promise that every future issue will be fully offset.

The site's Moscow Exchange guide provides background on trading, settlement and investor access. The placement price in this announcement is a specified historical trading benchmark, not a prediction of the future market price.

What remains to be completed

The next operational step is placement under the announced programme, followed by transfers as options are exercised. November 5's filing establishes the price but does not itself report completion of those subsequent steps.

For shareholders, the useful comparison is between the planned pool, actual placements, buybacks and eventual employee transfers. Treating all four as a single event would obscure when the share count changes and when voting and dividend rights begin.