Ecommerce Kazakhstan’s Kaspi revives London float plans

Ecommerce Kazakhstan’s Kaspi revives London float plans


FILE PHOTO: The Kaspi Bank logo in seen at the bank’s branch in Almaty, Kazakhstan October 7, 2019. REUTERS/Pavel Mikheyev/File Photo

LONDON (Reuters) – Kazakh banking and fintech firm KSPI.KZ announced on Friday it intends to list on the London Stock Exchange, reviving plans it abandoned a year ago.

The company, which controls the third largest bank in Kazakhstan and operates a payments and ecommerce business, said it plans to sell shares held by owners including Baring Vostok funds, Goldman Sachs, board chairman Vyacheslav Kim, and its chief executive, Mikheil Lomtadze.

Reuters reported on Thursday that had decided to try again for a London listing after Yandex’s planned purchase of Russian online bank Tinkoff established a comparative valuation.

Kaspi’s popular mobile app has made it a household name in the oil-rich Central Asian nation of 19 million. But it sought to stress in its statement the growing share of non-bank income in its consolidated profit which comes from ecommerce and payments, sectors boosted by the pandemic.

The company did not say what stake its shareholders intended to sell or how much they were looking to raise. Previously, sources told Reuters it was aiming for $500-700 million.

Kaspi said it would also offer its shares on the Astana International Exchange.

Morgan Stanley and Citigroup are acting as joint global coordinators of the deal and, along with Renaissance Capital, as joint bookrunners.

Reporting by Rachel Armstrong and Olzhas Auyezov; editing by Carolyn Cohn and Jason Neely


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