Kaspi.kz to place its stock in the U.S.

Kaspi.kz, the fintech company from Kazakhstan, announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission relating to the proposed public offering of American depositary shares representing the company’s common shares by existing holders of the company’s depositary shares.

«Kaspi.kz JSC announces that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission relating to the proposed public offering of American depositary shares representing the Company’s common shares by existing holders of the Company’s depositary shares,» the company said in a statement published on the website of the London Stock Exchange.

The size and price range for the proposed offering have yet to be determined. The public offering is subject to market and other conditions and the completion of the SEC’s review process, the company noted.

Kaspi.kz went public on the LSE in October 2020. At the time, the company offered about 15% of its shares and raised $1 billion in funds. The company’s stock is listed on the Kazakhstan Stock Exchange, while its global depository receipts are traded on the LSE.

As of October 1, 2023, Baring Vostok owned 27.48% of the company’s common shares, Mikhail Lomtadze 24.63% and Vyacheslav Kim 23.43%. The company issued 216.7 million common shares, about 199.5 million of which are outstanding shares, and 9.8 million were repurchased. Therefore, there are currently 189.6 million shares in free circulation.

In the first half of this year, Kaspi Bank (a subsidiary of Kaspi.kz) reported $466.7 million in net profit, $1.2 billion in equity, $11.8 billion in assets and $10.6 billion in liabilities. In 2022, Kaspi Bank made dividend payouts in March, June and September but hasn’t done so this year.

Kaspi.kz made interim dividend payouts for Q1 and Q2 of this year ($1.56 per share). In the first quarter, the payout was approximately $297.5 million or 80% of its profit ($370.9 million) and $296.7 million or 71.92% of its net profit ($412.5 million) in the second quarter of 2023.