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Kazakh financial group Kaspi.kz plans to list on LSE in 2019

Kazakhstan-based financial group Kaspi.kz, which majority owns JSC Kaspi Bank, is looking to list its shares on the London Stock Exchange in 2019, Reuters reported, citing a company statement.

The company will offer its existing shares in the form of global depository receipts by shareholders in the planned offering, the report said.

Kaspi.kz CEO Mikheil Lomtadze told Reuters the IPO is expected to conclude in the fourth quarter without disclosing any details of the listing's size.

However, a source familiar with the deal told the newswire that the company is looking for a valuation about $5 billion, with a minimum offering size in the range of $500 million to $600 million.

The firm has been considering an IPO on the London Stock Exchange since November 2018 and in February said it was looking to delist from the local Kazakh bourse.

Each of the selling shareholders — which includes Baring Vostok Capital Partners Ltd., Goldman Sachs Group Inc., Kaspi.kz Chairman Vyacheslav Kim, and Lomtadze — will retain a stake in the company following the offering, according to the report.

Morgan Stanley, UBS, Citigroup and Credit Suisse are serving as joint global coordinators on the planned offering, while Renaissance Capital is acting as joint book runner, the report said.