Kazakhstan-based financial group Kaspi.kz, which controls JSC Kaspi Bank, confirmed its plan to list its shares on the London Stock Exchange, with selling shareholders poised to offer existing shares in the company in the form of global depositary receipts, or GDRs.
The group — Kaspi Bank, the Kaspi.kz marketplace and other products and services operating under the Kaspi brand — said the final price of the offering will be determined following a book-building process, with the admission of the GDRs into the London bourse's regulated market expected in October. The shares are currently trading on the Kazakhstan Stock Exchange.
The selling shareholders, Asia Equity Partners Ltd. and Baring Vostok Nexus Ltd., ELQ Investors II Ltd., Chairman Vyacheslav Kim and CEO Mikheil Lomtadze, plan to retain a stake in the company after the float. Some of them also agreed to an overallotment option of up to 15% of the total GDRs in the IPO.
The company is yet to disclose any financial details on the planned IPO, but insiders had previously told Reuters that Kaspi.kz is aiming for a valuation of roughly $5 billion, with a minimum offering size in the range of $500 million to $600 million.
Morgan Stanley & Co International plc, UBS AG (London Branch), Citigroup Global Markets Ltd. and Credit Suisse Securities (Europe) Ltd. are serving as joint global coordinators on the plan, with Renaissance Capital as joint book runner.
Post-IPO, Asia Equity Partners Ltd. and Baring Vostok Nexus Ltd., ELQ Investors II Ltd. and Kim would be subject to a 180-day lockup, while that with Lomtadze would be 365 days.
