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Astana, Kazakhstan • 29 December, 2023 | 11:58
1 min read Files for NASDAQ Listing in the United States

Morgan Stanley, JP Morgan and Citigroup will be the underwriters of the offering

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Ruslan Pryanikov
Ruslan Pryanikov

Kazakhstan-based fintech holding ( JSC) has submitted an application to list its shares on the American stock exchange NASDAQ, Interfax-Kazakhstan reports.

According to a statement by on the U.S. Securities and Exchange Commission (SEC) website, the company has applied for the listing of American depositary shares (ADS) on the Nasdaq Global Select Market (Nasdaq) under the symbol "KSPI."

The message did not specify the placement volume and price, but it indicated that each ADS will represent one common share. Additionally, it emphasized that the company's shares will continue to be traded on the London Stock Exchange (LSE), Kazakhstan Stock Exchange (KASE), and International Stock Exchange Astana (AIX). Morgan Stanley, JP Morgan, and Citigroup are named as the underwriters for the offering.

The intention of to conduct an initial public offering (IPO) in the U.S. was first disclosed in October 2023. Previously, had conducted an IPO on the LSE in October 2020, during which the company's shareholders raised $1 billion by placing approximately 15% of its shares. is a comprehensive fintech platform that integrates online payment and P2P transfer services, personal money management, and online shopping. The company operates across three key platforms: payments, marketplace, and fintech. Its group of entities includes Kaspi Shop LLP, Kaspi Bank, Kaspi Pay LLP, and Kaspi Travel LLP.

As of October 1, the major shareholders in the company were Baring Vostok funds (26.13%), Vyacheslav Kim (22.27%), and Mikhail Lomtadze (23.42%).

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