Kaspi.kz attracts nearly $1bn of investment in US market

Kaspi.kz has successfully conducted an initial public offering (IPO) in the U.S. and raised almost $1bn. January 16, Kaspi.kz launched IPO on the U.S. exchange NASDAQ. Initially representatives of Kazakhstan fintech planned to sell 9 million shares. But according to the results of placement the company managed to sell 11300000 ADSs, the cost of each amounted to $92. Thus the market value of Kaspi.kz amounted to $18,800,000. The placement of shares in the U.S. is led by Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc. Now shares of the company are preparing to start trading on Nasdaq Global Select Market under ticker KSPI. Certainly, this shows the company's strong start in the U.S. market. In 2020, Kaspi.kz has already enjoyed similar success and raised the same amount of money in an IPO in London, becoming the most expensive company in the history of Kazakhstan. In 2020, one depositary receipt sold at $33.75, the fintech sold 29.6 million securities. As of today, Kaspi.kz shares are owned by Baring Vostok, Mikhail Lomtadze and Vyacheslav Kim. They hold stakes of 27.53%, 24.67% and 23.47% respectively. Vladislav Kim and Mikhail Lomtadze are among the 50 richest businessmen in Kazakhstan.