Kaspi.kz’s Financial Triumph and U.S. Listing Pursuit
Kazakhstan-based fintech powerhouse, Kaspi.kz, unveiled impressive financial performance for its recent quarter and simultaneously disclosed plans for a U.S. listing through the release of its IPO documentation. With a current valuation of nearly $19 billion on the London Stock Exchange (LSE), the company is set to join other high-profile firms heading towards a U.S. listing in 2024, including Reddit, Rubrik, and ServiceTitan.
For the quarter ending September 30, Kaspi.kz reported a substantial 40% year-over-year increase in net income, reaching 232.49 billion Kazakh tenge ($512 million). Concurrently, the company experienced robust revenue growth, surging by nearly 51% to 508.44 billion Kazakh tenge.
Diverse Fintech Portfolio
Kaspi.kz’s offerings span payments, marketplace services, and fintech solutions for both consumers and merchants. Beyond facilitating e-commerce transactions, the company’s app provides users with access to buy now, pay later (BNPL) options, license renewals, and business registrations.
In a letter accompanying the IPO prospectus, CEO Mikheil Lomtadze emphasized the potential for a U.S. listing to attract a larger and more diverse investor base, propelling the company into its next developmental stage.
Although the number of shares slated for the IPO remains undisclosed, Kaspi.kz affirmed that the offer price would align with the trading price of its LSE-listed depositary receipts. The company has formally applied to list its American Depositary Shares (ADS) on the Nasdaq, where some of the largest U.S. technology firms are traded.
Morgan Stanley, J.P. Morgan, and Citigroup have been appointed as the lead underwriters for Kaspi.kz’s IPO, underscoring the significant interest and backing from major financial institutions.
Read More (Innovation – Tech Foom)
