Last month, the company, which controls the third-largest bank in Kazakhstan and operates a payments and ecommerce business, announced its listing plan, a year after it had abandoned the move.
According to the bookrunner, the total deal size of the offering will be between $742 million and $879 million.
Kaspi's popular mobile app, which is used by many retailers to sell goods through its marketplace and to accept payments, has made it a household name in the oil-rich Central Asian nation.
Kaspi had 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, are also joint bookrunners.
(Reporting by Aakash Jagadeesh Babu and Samantha Machado in Bengaluru; editing by Uttaresh.V and Krishna Chandra Eluri)