LONDON: Kaspi.kz, a joint stock company that operates a digital platform for banking, e-commerce and payment services in Kazakhstan and neighboring countries, announced on Friday that it is launching a roadshow for its U.S. initial public offering (IPO).
The company is offering 9 million American depositary shares (ADSs), each representing one common share, to investors in the U.S. market. The ADSs will trade on the Nasdaq Global Select Market under the ticker symbol “KSPI”.
The selling shareholders, who include the company’s founders and a private equity firm, are expected to give the underwriters an option to buy up to 1.35 million more ADSs to cover any excess demand. The final price of the offering will be based on the demand from investors and the performance of the company’s global depositary receipts (GDRs) on the London Stock Exchange, where they are already listed and traded.
The lead bookrunners for the offering are Morgan Stanley, J.P. Morgan and Citigroup, while Nomura, Susquehanna and WR Securities are acting as additional bookrunning managers.
Kaspi.kz is a leading fintech company in Central Asia, with over 9.5 million monthly active users and 36.5 million registered users on its platform, according to its website. The company offers a range of services, such as online banking, e-commerce, payments, billings, loans, insurance and investments, through its mobile app and website.
The company claims to have a dominant market position in Kazakhstan, the largest economy in the region, and to have a growing presence in Azerbaijan and Uzbekistan. The company reported a net income of $425 million and a revenue of $1.2 billion for the year ended December 31, 2020, according to its prospectus.
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