Kazakhstan's Kaspi.kz Announces Public Filing of US IPO Registration

Kazakh fintech giant Kaspi.kz reports a substantial increase in earnings and revenue for the latest quarter and reveals the public filing of its IPO documentation, moving closer to a US listing in 2024. Valued at nearly $19 billion, the company's global depositary receipts are already listed on the London Stock Exchange.

Co-founder and CEO Mikheil Lomtadze emphasizes the strategic importance of a US listing, anticipating access to a larger and more diverse investor base. The company's net income for the quarter ending September 30 surged by 40% to 232.49 billion Kazakh tenge, with revenue increasing by about 51% to 508.44 billion Kazakh tenge during the same period.

Kaspi.kz offers payments, marketplace, and fintech solutions, including buy now, pay later loans and various services through its app. The company plans to list American Depositary Shares (ADS) on Nasdaq, with Citigroup, J.P. Morgan, and Morgan Stanley as the primary underwriters.

As Kaspi.kz prepares for its US IPO, it joins the ranks of valuable companies entering the market in 2024, highlighting its continued growth and impact in the fintech sector.