This should make for some fun S-1 reading when it comes out: Yandex, the dominant Russian portal/search engine plans to do a US IPO, according to Reuters. The report says the company will seek to raise $1.5-$2 billion via the offering (likely on the NASDAQ), at a total valuation of $5 billion. For 2007 Yandex’s revenue was up 130 percent to $167 million from $73 million in the year-ago period.

Last year, the company’s tenth, it purchased business social net MoiKrug for a reported $1.5 million. Among its offerings are local search, image search and the Fotki image sharing service.

From the report: “Funds ru-Net Holdings and Baring Vostok Capital Partners together hold more than 30 percent of Yandex’ shares, while 15 percent are owned by Tiger Technologies. The remaining is held by minority shareholders, including Yandex managers. “

For more, the corporate site has a collection of press reports on Yandex.

• Russian Portal Yandex Acquires Social Networking Service MoiKrug