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Astana, Kazakhstan • 27 April, 2023 | 11:51

Kaspi.kz Considers Potential Listing in the US

The company considers an opportunity of listing on the American stock exchange

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Kaspi.kz
Kaspi.kz

Kaspi.kz is considering the possibility of listing in the US, according to the fintech company's report for the first quarter of 2023 posted on the LSE, QazMonitor reports.

However, the document does not specify which US exchange Kaspi.kz plans to list its securities on.

"We have previously commented that we are considering the possibility of listing Kaspi.kz in the United States. We see multiple potential benefits from a US listing, including an enlarged, more diverse shareholder base and increased trading liquidity. We have now started to prepare for such an event, albeit remain in the early stages, with any transaction naturally contingent upon market conditions," the company said in the report.

In late March, Kaspi.kz announced the beginning of the redemption of its global depositary receipts (GDR) within the new 4-month buyback program on the London Stock Exchange (LSE).

The repurchase volume of receipts will be up to $100 million, starting March 22 and ending no later than July 21, 2023.

"We believe that our market capitalization significantly undervalues Kaspi.kz, and therefore we are considering a program of GDR buyback," the company previously explained the reasons of GDR buyback.

In October 2020, Kaspi.kz held an IPO on the LSE, and the company's shareholders raised $1 billion by placing about 15% of its shares in the IPO.

Today, the company's major shareholders are Baring Vostok funds - 28.15%, Mikhail Lomtadze - 24.54% and Vyacheslav Kim - 23.34%.

Kaspi.kz combines services of online payments and P2P transfers, personal funds management, and online purchases with delivery via a mobile app. The company operates on three platforms - payments, marketplace and fintech. The group includes Kaspi Shop LLP, Kaspi Bank LLP, Kaspi Pay LLP, and Kaspi Travel LLP.

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