© Reuters. Kaspi.kz joint stock company (KSPI) announces IPO of 9 million shares
The joint stock company Kaspi.kz (KSPI) has submitted the following:
This is the initial public offering of Joint Stock Company Kaspi.kz, a joint stock company organized under the laws of Kazakhstan, in the United States. Mr. Vyacheslav Kim, Mr. Mikheil Lomtadze and Asia Equity Partners Limited (collectively, the “Selling Shareholders”) are offering 9,000,000 American Depositary Shares (“ADS”) representing our common shares in the United States and in other locations outside Kazakhstan. Each ADS will represent one common share.
On January 16, 2024, the closing price of Regulation S global depositary receipts (“Regulation S GDR”) representing our common shares on the Main Market of the London Stock Exchange (“LSE”) was of $97.00 per Regulation S GDR. We expect the IPO price to be similar to the trading price of Regulation S GDRs on the LSE. The price of the IPO will be determined based on the bookbuilding process and the closing price of the Regulation S GDRs on the pricing date of this offering. We will not receive any of the proceeds from the sales of ADSs by the Selling Shareholders in this offering.
We have applied for the ADS to be listed on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “KSPI.” Prior to this offering, there was no public market for ADSs. Since 2020, Regulation S GDRs and Rule 144A Global Depository Receipts (“Rule 144A GDRs” and, together with Regulation S GDRs, “GDRs”), each of which represents a ordinary share, are listed and traded on the LSE under the symbols “KSPI”. ” and “80TE”, respectively. Our common shares, Regulation S GDRs and Rule 144A GDRs are listed and traded on the Kazakhstan Stock Exchange (“KASE”) under the symbols “KSPI”, “KSPId” and “KSPId”, respectively. The Regulation S GDRs are also listed and traded on the Astana International Exchange (“AIX”) under the symbol “KSPI,” and our common shares are listed on AIX under the symbol “KSPI.S.” Prior to or concurrently with, and conditional upon, the completion of this offering, we intend to amend the terms and rename the outstanding Regulation S GDRs to designate them as ADSs. The ADSs offered in this prospectus represent only a portion of the Regulation S GDRs, all of which will be redesignated as ADSs. Therefore, upon completion of the offering, a total of 186,360,876 ADSs will remain outstanding, which includes the ADSs offered in this prospectus. The ADSs will then be listed on Nasdaq, LSE, KASE and AIX, in each case quoted in US dollars. The Rule 144A GDRs will continue to be listed and traded on the LSE and the KASE, in each case, quoted in US dollars, and our ordinary shares will continue to be listed and traded on the KASE, quoted in Kazakhstani tenge and listed on the Stock Exchange. Kazakhstan. AIX.
The underwriters may also exercise their option to purchase up to an additional 1,350,000 ADSs from the Selling Shareholders, on a pro rata basis, at the public offering price, less the subscription discount, for 30 days after the date of this prospectus. We will not receive any of the proceeds from the sale of these additional ADSs, if any, by the Selling Shareholders.
