Kazakh fintech Kaspi.kz raised $1 billion with its IPO

Kazakhstan's leading "fintech" company Kaspi.kz has successfully completed its initial public offering (IPO) by raising $1 billion. The company's stock debuted at an opening price of $92.50, up from its IPO price of $92. This initial trading price gives the company a market value of approximately $17.51 billion.
The IPO resulted in a significant return for the major shareholders of Kaspi.kz. CEO Mikhail Lomtadze, chairman Vyacheslav Kim and all key stakeholders, investment firm Asia Equity Partners, benefited from the offer. Note that none of these shareholders reinvested the proceeds they received as part of the IPO process into the company.
Kaspi.kz's public listing is a significant milestone for the company, which has a strong presence in Kazakhstan's digital payment and e-commerce sectors.