Kazakhstan's Kaspi.kz fintech holding applies for Nasdaq listing

ASTANA. Dec 29 (Interfax) - Kazakh fintech holding Kaspi.kz has applied to list its shares on the Nasdaq.

"We've submitted an application to list our American Depositary Shares (ADS) on the Nasdaq Global Select Market under the symbol 'KSPI'," Kaspi.kz said in a statement posted on the U.S. Securities and Exchange Commission's website.

Offering volume and price details are not provided. It is noted that each ADS will represent one ordinary share. The shares will remain listed on the London Stock Exchange (LSE), Kazakhstan Stock Exchange (KASE), and Astana International Stock Exchange (AIX). The underwriters for the offering are Morgan Stanley , JP Morgan, and Citigroup.

Kaspi.kz announced its intention to pursue a U.S. listing in October 2023.

Kaspi.kz conducted an IPO on the LSE in October 2020, with shareholders raising $1 billion by offering approximately 15% of the company's shares.

Kaspi.kz provides integrated services for online payments, P2P transfers, personal funds management, and online purchases across three platforms - payments, marketplace, and fintech. Its subsidiaries include Kaspi Store LLP, Kaspi Bank, Kaspi Pay LLP, and Kaspi Travel LLP. As of October 1, major shareholders were Baring Vostok Funds (26.13%), Vyacheslav Kim (22.27%), and Mikhail Lomtadze (23.42%).