According to Bloomberg, fintech holding Kaspi.kz has allegedly garnered around $1 billion in funds during its recent initial public offering (IPO).
Bloomberg's sources, who chose to remain anonymous as the information had not been made public, disclosed that investors sold 11.3 million American depositary shares (ADS) of Kaspi.kz at $92 each.
On January 17, Kaspi.kz announced the launch of a roadshow for its IPO on the NASDAQ stock exchange in the United States. The fintech company aimed to place 9 million American depositary shares (ADS) during the IPO, with each ADS representing a common share offered by Vyacheslav Kim, Mikhail Lomtadze, and Asia Equity Partners Limited.
The IPO's offering price would be determined through the book-building process and the closing price of the global depositary receipt (GDR) on the pricing date. According to London Stock Exchange (LSE) data, Kaspi.kz's GDRs traded at $97 each on January 17 at 13:07 Astana time, indicating a potential fundraising amount of $873 million.
Kaspi.kz had previously conducted its IPO on the LSE in October 2020, raising $1 billion by placing about 15% of its shares. The company announced its intention to conduct an IPO in the US in October 2023 and submitted the listing application to NASDAQ in December 2023.
The company highlighted that its ADS would be listed on the Nasdaq Global Select Market under the symbol "KSPI" and continue trading on the LSE, Kazakhstan Stock Exchange (KASE), and Astana International Exchange (AIX). The underwriters for the offering include Morgan Stanley, JP Morgan, and Citigroup.
Kaspi.kz integrates online payment and P2P transfer services, personal finance management, and online shopping across three platforms: payments, marketplace, and fintech. The group comprises Kaspi Store, Kaspi Bank, Kaspi Pay, and Kaspi Travel.
As of January 1, 2024, the company's shareholders include Baring Vostok fund (26.13%), Vyacheslav Kim (22.27%), and Mikhail Lomtadze (23.42%).
