Kaspi.kz, a Kazakhstan-based provider of an online banking, payments, and marketplace app, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $1.5 billion for selling shareholders.
Kaspi.kz is currently listed on both the London Stock Exchange and the Kazakhstan Stock Exchange under the ticker KSPI.
Kaspi.kz operates a payments, marketplace, and fintech "super app." Offerings on its consumer-facing app include e-commerce, grocery delivery, travel bookings, bill payments, QR code-based payments, and various government services. As of September 30, 2023, its consumer-facing app has 13.5 million monthly active users, 65% of whom use its app daily. Kaspi.kz also offers an e-commerce app for merchants, which has about 565,000 monthly active users. More than 99% of Kaspi.kz's revenue is from Kazakhstan, although the company also has a presence in Azerbaijan and Ukraine.
The Almaty, Kazakhstan-based company was founded in 2007 and booked $3.8 billion in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol KSPI. Morgan Stanley, J.P. Morgan, and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
