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Kaspi.kz, a leading Fintech firm from the Republic of Kazakhstan, has set the stage to make history by becoming the first company from the country to file for an IPO in the United States. The move, marked by an IPO filing in late December, positions Kaspi.kz for a significant milestone on the international stage.
Profitable and Ambitious
The company is known for its flagship Kaspi.kz Super App, which seamlessly integrates various financial services, is already profitable. With its stock listed on the London Stock Exchange and a substantial market capitalization of approximately $19 billion, Kaspi.kz is eyeing a secondary listing on Nasdaq, using the ticker symbol "KSPI."
According to Market Watch, the filing does not specify the exact number of shares offered in the U.S. deal. Still, it hints at pricing close to its London global depositary receipts, concluding at around 79 pence as of Wednesday.
In a letter accompanying the IPO documents, Kaspi. kz's Co-Founder and CEO, Mikheil Lomtadze, highlighted the company's unique journey.
Operating in Kazakhstan, Lomtadze emphasized its self-reliance, achieving growth and profitability from the outset. The company's focus on generating cash allowed for strategic moves like GDR repurchases, dividend payments, acquisitions, and sustained investments in organic growth.
Operational Landscape and Potential Risks
According to Morningstar, while primarily serving the Kazakh market, Kaspi.kz has integrated a diverse range of services and products within its Super App. The company's operations extend to Ukraine and Azerbaijan, from payments to marketplace platforms. However, the prospectus acknowledges risks inherent in operating within evolving legal and regulatory frameworks of emerging markets like Kazakhstan.
Additionally, legal, economic, tax and political uncertainties pose challenges. Transparency International's Corruption Perceptions Index raised concerns, ranking Kazakhstan 101 out of 180 countries. The IPO completion will maintain control among principal shareholders, limiting individual investor influence on decision-making.
As Kaspi.kz ventures into the U.S. IPO arena, it marks a significant stride for the company and underscores Kazakh Fintech's global ambitions on the international financial stage.
Photo: Austin Distel/Unsplash
