Shares of Kaspi.kz to Be Traded on London Stock Exchange

As Kaspi press service reported on October 15, the owners of Kaspi.kz holding have sold 25.7 million global depository receipts (GDR) for $870 million. This step was followed immediately after the holding’s initial public offering on the LSE. During the IPO, investors raised the company’s valuation up to $6.5 billion with the pricing of $33.75 per share.

The shareholders are going to sell 3.8 GDR more if high demand would remain. In this scenario, a share of the free float of the company’s shares would reach 15.4%.

The Kaspi.kz trading debut on LSE will start on October 20; the trades on AIX must start the next day. 

As a result of the public offering, all funding raised went directly to selling shareholders as follows: Vyacheslav Kim (38%), Baring Vostok Capital Partners (28.8%), Mikhail Lomtadze (25.9%) and Goldman Sachs (3.9%). 

As Kursiv edition wrote earlier, all selling shareholders want to preserve their business stakes even after IPO.

The valuation of Kaspi.kz is two times higher than the market value of the biggest Kazakhstani bank, Halyk Bank, which is about $3.18 billion. During its IPO in London in 2006, Halyk Bank raised $680 million by offering 46 million GDR at a price of $16 per share. 

In the report on the results of the first six months of this year, Kaspi.kz said it increased its revenue by 32% if compared to the same period last year, up to 299 billion tenge or $741 million. Net revenue in the period of January to June has risen by 1.5 times up to 115.5 billion tenge ($286 million).

Kaspi.kz announced its intention to make an IPO on the London Stock Exchange in the last quarter of 2019. However, a month later CEO of the bank Mikhail Lomtadze said that the initial public offering would be postponed; he declined to reveal a specific date.

Kaspi.kz is managing three platforms at once: marketplace, FinTech platform and paying system.