Kaspi.kz, a leading fintech group, has successfully raised about $1bn in an initial public offering (IPO) on the Nasdaq exchange.
Three major shareholders offered securities from their shares for sale. These include Mikhail Lomtadze, who controls 24.67% of the bank’s shares, Vyacheslav Kim, the owner of 23.47%, and the Asia Equity Partners fund, which owns 27.53%.
Share Sale Details
On January 18, shareholders sold 11.3mn depositary shares at a price of $92 per share. This significantly exceeded the initially planned 9mn securities. The offering was led by Morgan Stanley, JPMorgan, and Citigroup. Susquehanna Financial Group, LLLP, and Wolfe/Nomura Alliance served as additional bookrunners.
Trading Platforms
From January 19, Nasdaq became the third platform on which Kaspi shares are publicly traded. The group’s securities are also traded on the Kazakhstan Stock Exchange (KASE), and in 2020 there was a placement on the London Stock Exchange (LSE).
Kaspi’s Journey to Nasdaq
The first reports of Kaspi’s plans to obtain a listing on the American stock exchange appeared in the spring of 2023. Six months later, the group announced it had filed a draft IPO application with the U.S. Securities and Exchange Commission (SEC). In December, the company submitted an application to list depositary shares on the Nasdaq exchange.
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