Kazakhstan’s First IPO on US Stock Exchange: JSC Kaspi.kz

The first company from the Central Asian country of Kazakhstan to list on the NASDAQ exchange is Kazakhstan JSC Kaspi.kz. Kaspi is a fintech company that been in business for many years. JSC stands for Joint Stand Company. Kaspi started trading on the NASDAQ under the ticker KSPI with the IPO price at $92.00 per ADS and the total offering was 11.3 million shares.

Kaspi is the largest Payments, Marketplace and Fintech Ecosystem in Kazakhstan with millions of subscribers. The company’s one mobile app is a super app that offers many services all under one roof. Below is a note from the company’s IR site:

We are a fast-growing, transaction-driven, profitable and dividend-paying business with an aspiration to expand in mid-term across some countries of Central Asia and the Caucasus.

Source: Kaspi.kz

From a recent press release:

About Kaspi.kz

Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants.

The Kaspi.kz Super App is Kazakhstan’s most popular mobile app, with 13.5 million MAU in 3Q 2023, 8.8 million of whom access our services daily. The Kaspi Pay Super App is the digital partner of choice for businesses and entrepreneurs in Kazakhstan, with 565K merchant partners as of nine months 2023.

Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact, using our proprietary payments network.

The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.

Kaspi.kz has been listed on NASDAQ since 2024 and the London Stock Exchange since 2020.

Source: Yahoo Finance

According to Yahoo Finance, the forward dividend yield on the ADR is 7.39% and the 52-week high is about $96.00. The stock price close at $89.61 on Friday.

For Reference:

Disclosure: No positions

Leave a Reply

Your email address will not be published. Required fields are marked *