Kaspi.kz To List On US Stock Exchange

Kaspi.kz, a Kazakh fintech and banking company, announced on Monday that it was planning for a US listing, as it revealed that its adjusted first-quarter profit increased by 52% year on year to 178 billion tenge ($389 million).

Kaspi.kz's board of directors has suggested a dividend of 750 tenge per global depository receipt (GDR), which is already listed in Kazakhstan and on the London Stock Exchange.

"We see numerous potential benefits from a US listing, including an expanded, more diverse shareholder base and increased trading liquidity," said Kaspi.kz in a statement.

"We have now begun to prepare for such an event, though we are still in the early stages, with any transaction naturally contingent on market conditions."

Kaspi.kz offers online payments and peer-to-peer transfers, personal financial management, and online shopping with delivery. The company operates on three platforms: payments, marketplace, and fintech, all of which are linked into the same-named mobile application.

In 2020, it ranked third in the world in terms of in-app user engagement, after only China's WeChat and WhatsApp.

From 2018 to 2022, Kaspi.kz ranks first among Kazakhstani Internet trade platforms TOP KZ Retail E-Commerce in terms of online sales income, with 12 million users and a total population of 19 million.