Kaspi.kz, the prominent financial and technological holding, has revealed its decision to launch an Initial Public Offering (IPO) on the renowned NASDAQ exchange in the United States. Representatives of the holding shared their intention to offer nine million depositary shares on the exchange, with each equivalent to one ordinary share in the company. The pricing of these shares will be determined through the bookbuilding process and the closing price of the global depositary receipt (GDR) on the day of the offering.
Kaspi’s shares are currently trading at $98.10 on the London Stock Exchange, and If this valuation is replicated funds raised from the IPO are estimated to reach $873,000,000, placing the market value of Kaspi.kz at $18.4 billion. The expected determination of the IPO price is set for the end of the application collection, during the night of January 18th to 19th, Astana time.
Kaspi.kz initially expressed its intention to partake in the NASDAQ IPO in October of the previous year, formally filing the application in December. The holding aims to list American depositary shares (ADS) on the Nasdaq Global Select Market (Nasdaq) under the symbol ‘KSPI.’ Kaspi.kz shares are already traded on the London Stock Exchange (LSE), Kazakhstan Stock Exchange (KASE), and Astana International Stock Exchange (AIX). The underwriters for the U.S. placement will be Morgan Stanley, JP Morgan, and Citigroup.
Kaspi.kz operates across three platforms: payments, marketplace, and fintech, offering a range of services such as online payments, peer-to-peer transfers, personal funds management, and online shopping. The group comprises Kaspi Shop LLP, Kaspi Bank LLP, Kaspi Pay LLP, and Kaspi Travel LLP. As of January 1st, 2024, major shareholders include Baring Vostok fund (26.13%), Vyacheslav Kim (22.27%), and Mikhail Lomtadze (23.42%).
