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    KSPI   KZ1C00001536


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Kazakhstan's Kaspi revives London float plan

09/25/2020 | 03:57am EDT
FILE PHOTO: The Kaspi Bank logo in seen at the bank's branch in Almaty

Kazakh banking and fintech firm Kaspi.kz announced on Friday it intended to list on the London Stock Exchange, reviving plans it had abandoned a year ago.

The company, which controls the third largest bank in Kazakhstan and operates a payments and ecommerce business, said it planned to sell shares held by owners including Baring Vostok funds, Goldman Sachs, Kaspi.kz board chairman Vyacheslav Kim, and management including Chief Executive Mikheil Lomtadze.

Reuters reported on Thursday that Kaspi.kz had decided to try again for a London listing after Yandex's planned purchase of Russian online bank Tinkoff established a comparative valuation and appeared to be well received by the market.

Kaspi's popular mobile app has made it a household name in the oil-rich Central Asian nation of 19 million. But it sought to stress in its statement the growing share of non-bank income in its consolidated profit which comes from ecommerce and payments, sectors boosted by the pandemic.

The Kaspi app has, for example, been used by many retailers both to sell goods through its marketplace and to accept payments, the latter option commonly available even at corner shops as an alternative to cash.

Kaspi outlined growth plans on Friday including expansion into new businesses such as online travel and geographies such as nearby Central Asian countries and the Caucasus region.

The company did not say what stake its shareholders intended to sell or how much they were looking to raise. Previously, sources told Reuters it was aiming for $500-700 million.

Kaspi said it would also offer its shares on the Astana International Exchange. It is already listed on another local bourse, the Kazakh Stock Exchange, but the stock's free float is tiny with little trading activity.

Morgan Stanley and Citigroup are acting as joint global coordinators of the deal and, along with Renaissance Capital, as joint bookrunners.

(Reporting by Rachel Armstrong and Olzhas Auyezov; editing by Carolyn Cohn, Jason Neely and David Evans)

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 1.00% 69.65 Delayed Quote.12.96%
KASPI BANK 0.00% 4750 End-of-day quote.0.00%
LONDON BRENT OIL 0.17% 75.4 Delayed Quote.44.72%
LONDON STOCK EXCHANGE PLC 0.69% 8154 Delayed Quote.-10.10%
MORGAN STANLEY 0.20% 85.87 Delayed Quote.25.30%
THE GOLDMAN SACHS GROUP, INC. 0.98% 361.05 Delayed Quote.35.58%
WTI 0.11% 73.219 Delayed Quote.51.56%
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Sales 2021 804 B 1 878 M 1 878 M
Net income 2021 409 B 956 M 956 M
Net Debt 2021 - - -
P/E ratio 2021 19,6x
Yield 2021 3,37%
Capitalization 7 840 B 18 335 M 18 315 M
Capi. / Sales 2021 9,75x
Capi. / Sales 2022 7,38x
Nbr of Employees 3 621
Free-Float -
Duration : Period :
Kaspi Bank Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Mean consensus BUY
Number of Analysts 5
Last Close Price 40 795,90 KZT
Average target price 41 785,24 KZT
Spread / Average Target 2,43%
EPS Revisions
Managers and Directors
Mikhail Lomtadze Chief Executive Officer & Executive Director
Tengiz Mosidze Deputy CEO & Chief Financial Officer
Vyacheslav Konstantinovich Kim Chairman
Pavel Vladimirovich Mironov Deputy CEO & Chief Operating Officer
Shimon Gutkovski Independent Non-Executive Director