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            bne February 2024 Companies & Markets I 23
      bne:Tech
Kazakhstan’s fintech heavyweight Kaspi generates $1bn with Nasdaq IPO
Kanat Shaku in Almaty
Kazakhstan’s heavyweight fintech Kaspi has generated around $1bn for primary shareholders with an expanded initial public offering (IPO) on the Nasdaq.
The LSE-listed “SuperApp” business was valued at $17.5bn on the US exchange on January 19, when its shares debuted 0.5% above their offer price. Analysts saw the debut as lukewarm. In London, the company’s valuation exceeds $19bn.
Investors sold 11.3mn American depositary shares of Kaspi. kz at $92 each, with the offering upsized from 9mn shares. The price represented a 5.3% discount from the closing level of Kaspi’s London-traded global depositary receipts on the preceding day.
After Kaspi became the latest London-listed group to sell shares in New York in search of higher valuations and better liquidity, its chief executive, Mikheil Lomtadze, said the US was the “natural home” for an ambitious technology company. He told the Financial Times that the London listing made
in 2020 “was an incredible milestone for us, especially at the beginning of our journey”, but added that “the US is the market which will give us access to a wider pool of investors and another level of recognition”.
Karen Snow, Nasdaq global head of listings, told the UK daily that there were “compelling” arguments for companies
to move to the US, saying: “You’ve got very sophisticated institutional investors here who understand how to value growth. [Kaspi is] a very interesting company that I would say didn’t feel like it was getting full credit on the LSE, despite their performance.”
Kaspi’s London-listed shares have almost tripled since their debut, but the company has suffered low trading volumes.
It reported revenue of $2.8bn in 9M23 and net income of $1.3bn.
Kaspi.kz operates across three distinct segments – payments, marketplace and fintech – catering to both consumers
and merchants. In addition to facilitating e-commerce transactions, the app allows users to access buy now, pay later (BNPL) options, renew driving licences and register businesses.
The diversified offerings provided by conglomerates like
Kaspi.kz can be advantageous for investors, as the performance of one segment can help offset setbacks in another.
The prominent shareholders of Kaspi.kz include Mikhail Lomtadze, Vyacheslav Kim and private equity firm Baring Vostok.
Kazakh airline Air Astana, meanwhile, officially announced its intention to go public on the LSE, aiming to secure additional funds for its expansion plans while allowing existing investors, including Kazakhstan's sovereign wealth fund and British defence giant BAE Systems, to reduce their stakes. The airline anticipates conducting its IPO of new shares and existing stock in February on both the LSE and Kazakhstan's Astana International Exchange (AIX).
As part of the IPO, Air Astana plans to float a minimum 25% of its share capital, targeting proceeds of approximately $120mn. The airline, which operated a fleet of 49 aircraft and served 7mn passengers, reported an operating profit
of $149mn in 2022.
For BAE Systems, which holds a 49% stake in Air Astana, the IPO is expected to be financially beneficial depending on the extent of its stake sale. BAE's initial investment of less than $10mn in 2001 supported Air Astana's launch during a period when the company was bidding to sell a radar system to Kazakhstan.
Kaspi's CEO says the US stock market is the “natural home” for an ambitious technology company. / Kaspi.kz
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