JSC Kaspi.kz Announces Closing of Upsized U.S. IPO
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Insights
The successful closing of Kaspi.kz's upsized U.S. initial public offering (IPO) is a significant event for the company and its stakeholders. The offering size of 11,300,000 American depositary shares (ADSs) at a price of $92.00 per ADS indicates a robust demand and a positive market sentiment towards Kaspi.kz. The involvement of prominent financial institutions like Morgan Stanley, J.P. Morgan and Citigroup as lead active bookrunners reflects confidence in the company's potential. The trading of ADSs on the Nasdaq Global Select Market enhances the company's visibility and accessibility to a broader range of investors, potentially increasing liquidity and marketability of the company's shares.
From a market research perspective, the entry of Kaspi.kz into the U.S. stock market could signify a diversification of the tech portfolio available to investors. Given the company's origin in Kazakhstan, it also represents a geographical diversification, which could attract investors seeking exposure to emerging markets. However, investors will be closely monitoring the company's performance in subsequent quarters to ensure that the IPO valuation is justified by its financial and operational outcomes.
The IPO's impact on Kaspi.kz's financial structure could be multifaceted. The capital raised from the IPO will likely be used to fund growth initiatives, pay down existing debt, or pursue strategic acquisitions. Given that the shares were sold by existing shareholders, the company itself may not receive proceeds from this offering, which means the focus will be on how these shareholders reinvest or utilize the liquidity they have gained. This can have indirect effects on the company's strategic direction and shareholder composition.
Additionally, the price of $92.00 per ADS can serve as a benchmark for the company's valuation in the public market. This pricing sets expectations for future earnings and growth projections. Investors and analysts will compare the company's performance against these benchmarks to assess whether the stock is overvalued or undervalued, which can influence the stock's price volatility and the company's ability to raise capital in the future.
The IPO process is heavily regulated and Kaspi.kz's adherence to the U.S. Securities Act of 1933, as amended, is crucial for legal compliance and investor confidence. The distribution of a final prospectus and the involvement of established bookrunners suggest that the offering has been conducted with due diligence to meet all regulatory requirements. The statement that no securities will be sold in jurisdictions where such an offering would be unlawful prior to registration or qualification under the applicable securities laws reassures stakeholders of the legal soundness of the IPO.
For potential investors, the availability of the final prospectus is an important resource for making informed decisions. It contains vital information regarding the company's financials, risks and strategic plans. Legal compliance in the IPO process mitigates the risk of future litigation, which can have substantial financial and reputational consequences for the company.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
KASPI.KZ ANNOUNCES CLOSING OF UPSIZED U.S. INITIAL PUBLIC OFFERING
ALMATY, KAZAKHSTAN / ACCESSWIRE / January 23, 2024 / Joint Stock Company Kaspi.kz (the "Company" or "Kaspi.kz") (NASDAQ:KSPI) today announces the closing of the upsized U.S. initial public offering (the "Offering") of 11,300,000 American depositary shares ("ADSs"), each representing one of the Company's common shares, sold by Mr. Vyacheslav Kim, Mr. Mikheil Lomtadze and Asia Equity Partners Limited (the "Selling Shareholders") at a public offering price of
Morgan Stanley, J.P. Morgan and Citigroup acted as lead active bookrunners for the Offering, and Susquehanna Financial Group, LLLP and Wolfe | Nomura Alliance acted as additional bookrunning managers for the Offering.
The Offering was made only by means of a prospectus. Copies of the final prospectus relating to the Offering may be obtained by visiting EDGAR on the website of the U.S. Securities and Exchange Commission at www.sec.gov. Alternatively, copies of the final prospectus may be obtained from:
· Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; tel.: +1 866 718 1649; email: prospectus@morganstanley.com;
· J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; tel.: +1 866 803 9204; and
· Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; tel.: +1 800 831 9146.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended.
About Kaspi.kz
Kaspi.kz operates a two-sided Super App business model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. Kaspi.kz's offerings include payments, marketplace and fintech solutions for both consumers and merchants.
Contacts
David Ferguson
david.ferguson@kaspi.kz
+44 7427 751 275
Important Notice
This announcement is not for distribution in any jurisdiction where its publication, distribution or release would be unlawful.
This announcement and any offer of securities to which it relates is only addressed to and directed at (a) in any Member State of the European Economic Area, persons who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation (EU) 2017/1129 (as amended) and (b) in the United Kingdom, persons who are (a) "qualified investors", within the meaning of Article 2(e) of the Prospectus Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 who are also (i) investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth entities, unincorporated associations, etc.), or (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). Any investment or investment activity in the United Kingdom to which this announcement relates is only available to, and will be engaged only with, relevant persons. Any person in the United Kingdom who is not a relevant person should not act or rely on this announcement or any of its contents.
"Wolfe | Nomura Alliance" is the marketing name used by Wolfe Research Securities and Nomura Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in this offering. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: JSC Kaspi.kz
View the original press release on accesswire.com
FAQ
What is the public offering price for the ADSs?
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