Kaspi.kz, a Kazakhstan-based provider of an online banking, payments, and marketplace app, raised $1.0 billion by offering 11.3 million ADSs (100% secondary) at $92, below the last close of its GDRs on the London Stock Exchange ($97.10). The offering contained 2.3 million more ADSs than anticipated.
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.
Kaspi.kz plans to list on the Nasdaq under the symbol KSPI. Morgan Stanley, J.P. Morgan, and Citi acted as joint bookrunners on the deal.
