Kaspi Bank JSC said it plans to list its shares in London in 2019. The offering will consist of a sale of existing shares in the form of global depository receipts (GDR) by shareholders, Kaspi.kz said in a statement. “Our intention is that it (the IPO) would be completed in the fourth quarter,” Chief Executive Mikheil Lomtadze told Reuters by telephone. Lomtadze declined to comment on the size of the listing, but a source familiar with the deal said it was targeting a valuation of around $5 billion, with a minimum offering size of $500 million to $600 million. Morgan Stanley, UBS, Citigroup and Credit Suisse are acting as joint global coordinators on the offering, along with Renaissance Capital as joint bookrunner.