(Reuters) – Kazakhstan-based fintech heavyweight Kaspi.kz reported a rise in profit and revenue for its latest quarter on Thursday as it took another step toward a U.S. listing with the release of its IPO filings.
The company is valued at nearly $19 billion on the London Stock Exchange, where its global depositary receipts are already listed.
Kaspi.kz joins several highly rated companies aiming for a US stock exchange in 2024. Social media giant Reddit, cloud security company Rubrik and software startup ServiceTitan are also expected to go public next year.
“We believe that with a U.S. listing, Kaspi.kz can reach a larger and more diverse investor base that will enjoy working with us in the next phase of our development,” co-founder and CEO Mikheil Lomtadze wrote in a letter accompanying the IPO Brochure.
Net profit for the three months ended September 30 was 232.49 billion Kazakh tenge ($512 million), up 40% year-on-year. During the same period, revenue increased by almost 51% to 508.44 billion Kazakh tenge.
The company's payments, marketplace and fintech solutions are aimed at both consumers and merchants. In addition to e-commerce purchases, customers can also use the app to access Buy Now Pay Later (BNPL) debt, renew their driving license and register their business.
Kaspi.kz did not disclose how many shares it expects to sell in the IPO, but said the offer price would be similar to the trading price of its LSE-listed depository receipts.
The company has applied to list its American Depositary Shares (ADS) on Nasdaq, the exchange where some of the largest U.S. technology companies trade.
Morgan Stanley, JP Morgan and Citigroup are the lead underwriters for the IPO.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)
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