White & Case Advises Kaspi.kz on US$ 1 Billion IPO on London Stock Exchange

Global law firm White & Case LLP has advised Joint Stock Company Kaspi.kz (Kaspi.kz), the largest payments, marketplace and fintech ecosystem in Kazakhstan, on its initial public offering of global depositary receipts on the London Stock Exchange (LSE). 

The total value of the offering amounted to US$ 1 billion and Kaspi.kz's market capitalisation was approximately US$ 6.5 billion – making it the second largest IPO on the LSE this year and the largest LSE IPO of a Kazakh company since Eurasian Natural Resources' IPO in 2007.

Kaspi.kz is at the forefront of digitalisation in Kazakhstan. It operates an ecosystem comprising three market-leading platforms, Payments, Marketplace and Fintech, which are accessible via the Kaspi.kz Super App – the most popular mobile app in Kazakhstan with 7.8 million monthly active users. 

The White & Case team which advised on the transaction was co-led by partners Darina Lozovsky and Inigo Esteve (both London), and included partner Pavel Kornilov (Nur-Sultan) and associates Samuel Curme, (London), Renat Akhmetzyanov, Anastasia Sheyndlina (both Moscow) and Alikhan Baizakov (Nur-Sultan).

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