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Kazakh fintech giant makes US IPO filing public

A woman uses a machine patented by the Kazakh company in Almaty, Kazakhstan July 29, 2020. REUTERS/Mariya Gordeyeva/File Photo
A woman uses a machine patented by the Kazakh company in Almaty, Kazakhstan July 29, 2020. REUTERS/Mariya Gordeyeva/File Photo

Kazakh fintech giant makes US IPO filing public. In addition to announcing an increase in earnings and sales for its most recent quarter, Kazakhstan-based fintech heavyweight Kaspi. kz took another step toward a listing in the United States of America on Thursday by making the paperwork for its initial public offering (IPO) public.

The London Stock Exchange, where the business’s worldwide depositary receipts are listed, has assigned the company a valuation of approximately $19 billion because of its global presence.

On the path to a listing in the United States in 2024, Kaspi. kz joins some other highly valued companies. Additionally, it is anticipated that the social networking powerhouse Reddit, the cloud security business Rubrik, and the software startup ServiceTitan will all go public next year.

“With a U.S. listing, we believe Kaspi. kz can reach a larger and more diverse investor base that will enjoy being with us for the next stage of our development,” said Mikheil Lomtadze, co-founder and CEO of Kaspi. kz, in a letter attached to the initial public offering (IPO) prospectus.

This is a 40% increase over the previous year’s net income, which was 232.49 billion Kazakh tenge ($512 million) for the three months that concluded on September 30—the same period had an almost 51% increase in income, which arrived at 508.44 billion Kazakh tenge.

The payments, marketplace, and fintech solutions offered by the firm are designed to meet the needs of both customers and merchants. Customers can access buy now, pay later (BNPL) debt payments, renew their driver’s licenses, register their companies using the app, and make purchases through the e-commerce platform.

Although Kaspi. kz did not reveal the number of shares it anticipates selling in the initial public offering (IPO); the company stated that the offer price would be comparable to the price at which its LSE-listed depositary receipts are currently trading.

It is applying to list its American Depositary Shares (ADS) on the Nasdaq, the stock exchange where some of the most prominent technology companies in the United States are listed.

Citigroup, J.P. Morgan, and Morgan Stanley are the primary underwriters for the initial public offering (IPO).

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