Kaspi.kz shareholders raise $1 bln with Nasdaq IPO

ALMATY. Jan 24 (Interfax) - Shareholders in Kaspi.kz raised $1.04 billion with the Kazakh fintech's Nasdaq IPO, Kaspi.kz said.

Kaspi.kz sold 11.3 million ADS, each representing one of the company's ordinary shares. The selling shareholders were Vyacheslav Kim, Mikheil Lomtadze and Asia Equity Partners Limited, which is a Baring Vostok fund.

The ADS began trading on the Nasdaq Global Select Market on January 19, 2024 under the KSPI ticker.

The offering was increased from an initial 9 million ADS. The company itself will not receive any proceeds from the sale.

It emerged in October that Kaspi.kz intended to list in the United States.

Kaspi.kz has already listed shares on the London Stock Exchange, selling 15% of its stock and raising $1 billion in October 2022. The company also trades on the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX).

Kaspi.kz operates a two-sided Super App business model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. Kaspi.kz's offerings include payments, marketplace and fintech solutions for both consumers and merchants. Kaspi.kz Group is comprised of Kaspi Shop LLP, Kaspi Bank, Kaspi Pay LLP and Kaspi Travel LLP. The company's main shareholders as of January 1, 2024 were Baring Vostok Funds with 26.13%, Vyacheslav Kim with 22.27% and Mikhail Lomtadze with 23.42%.