MOSCOW / LONDON (Reuters) – Kaspi.kz, a Kazakh banking and fintech company, may receive a listing on the London Stock Exchange in the coming weeks, and its plans are supported, among other things, by an upcoming deal from Yandex, which intends to buy Tinkoff Bank. Three sources familiar with the company's plans told Reuters.
Kaspi.kz is the largest player in the market of Kazakhstani payment systems and e-commerce. The company planned the placement several times, including in February 2020, hoping to raise $ 500-700 million.
Last year, the company disclosed that during the placement they intend to sell their shares: Baring Vostok, Goldman Sachs, Chairman of the Board of Kaspi.kz Vyacheslav Kim and General Director Mikhail Lomtadze. The Kaspi.kz press service declined to comment on the placement.
Kaspi.kz may have sped up the placement due to the announced purchase of Tinkoff Bank by Yandex (MCX: YNDX) for $ 5.5 billion this week, as it is an understandable benchmark for valuation, one source said, adding that Kaspi.kz could go to the market as soon as the trade is completed. Another source said Kaspi may enter the market with a listing in the coming weeks.
A third source familiar with the company's plans said the placement could take place in the coming days to catch up with the US presidential election. Kaspi.kz will focus investors' attention on how its e-commerce business has benefited from the COVID-19 pandemic, the source said. The source said the organizers of the deal include Citi and Morgan Stanley (NYSE: MS). Kaspi.kz's net profit in January-June increased by 50% in annual terms to 115.6 billion tenge ($ 272 million).
Commenting on the Yandex-Tinkoff deal, Kaspi.kz said it owes its “huge success” to an ecosystem strategy “that integrates daily payments, e-commerce and digital finance services into one Kaspi.kz app.”
“This ecosystem approach is now being copied by leading Internet companies around the world, and therefore it is not surprising for us that the best Russian technology companies are trying to replicate something similar,” Kaspi.kz told Reuters.
(With the participation of Maria Gordeeva and Olzhas Auezov. Editor Dmitry Antonov)