*

Nebius emerged after $5.4 billion deal to split Yandex's

assets

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High volatility expected due to 78.1% free float held by

Western

investors

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Nebius anticipates revenue growth of$500-$700 million by

2025

By Alexander Marrow

Oct 21 (Reuters) - Investors in Amsterdam-based Nebius

Group expect volatile trading on Monday when the AI

infrastructure firm's Nasdaq listing, formerly held by Yandex,

often dubbed "Russia's Google", is revived following a lengthy

suspension.

Trading was suspended soon after Russia's February 2022 invasion

of Ukraine, when the stock traded under Yandex's ticker

through its Amsterdam-based parent company. In July, Nebius

emerged following a $5.4 billion deal to split Yandex's Russian

and international assets.

Yandex once reached a market capitalisation of more than $30

billion, but with revenue-generating businesses in online

search, advertising and ride-hailing siphoned off in Russia,

Nebius, which targets a slice of the growing AI cloud market,

presents a very different proposition.

The stock last traded at $18.4 per share in February 2022.

With a free float of 78.1%, mainly held by Western investors and

funds, extremely high volatility is likely in the first few

days, said Denis Buivolov, a personal investor in Nebius and

head of research at BCS' venture capital and pre-IPO

department.

In an analysis published on financial website Seeking Alpha,

Buivolov valued the company at $4.6 billion, or $23 per share,

based on company plans and comparisons with firms such as

CoreWeave, Lambda Labs and Sacra.

Another investor, with a shareholding once worth around

$200,000, said they may buy more shares on Monday should the

price plummet as people who have written off their stakes are

forced to sell.

Dr Jan-Oliver Strych, adviser to his family fund which

invested in Nebius, said the stock's value would be determined

by the positive liquidity shock from hyped AI investor demand

versus the negative impact of impatient sellers.

Nebius, whose core business involves providing Nvidia ( NVDA )

graphics processing units (GPUs) and AI cloud as

services, is anticipating sharp growth in those markets in the

coming years.

The company expects its revenue to grow by three to four times

in 2025 to $500-$700 million, it said on Friday, as it plans to

spend between $600 million and $1.5 billion on capital

expenditure to increase capacity at data centres in Finland,

France and North America.