NEW YORK - Kazakhstan's premier online shopping app, Kaspi.kz, is poised to expand its financial footprint with a planned debut on the U.S. stock market. The company has revealed its strategy to list on the Nasdaq under the ticker KSPI, offering 9 million American Depositary Shares (ADSs) in an initial public offering (IPO).
Already a familiar name on the Kazakhstan Stock Exchange and the London Stock Exchange, where it is traded under the same ticker, Kaspi.kz is aiming for an IPO price of $97 per ADS. This move could secure the company a market valuation of approximately $18.4 billion. The platform is a significant player in the digital consumer space, boasting 13.5 million monthly active users.
The IPO process is being spearheaded by a trio of notable investment banks: Morgan Stanley, J.P. Morgan, and Citi. These institutions are leading the charge as Kaspi.kz seeks to capitalize on its robust user base by tapping into the U.S. capital markets.
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