January 2024 – Kinstellar's Kazakhstan office, a prominent legal advisor in the region, played a crucial role in guiding Kaspi.kz, a leading financial technology company headquartered in Kazakhstan, through its successful upsized U.S. Initial Public Offering (IPO) on January 23, 2024. The offering, featuring the sale of 11,300,000 American depositary shares (ADSs), raised an impressive USD 1.04 billion.
This significant achievement builds upon previous successes in 2020, when the Kinstellar team acted as the Kazakhstan legal counsel involved in the simultaneous Kazakhstan and London dual offering/listing of Kaspi.kz.
Kaspi.kz, originally established as a bank in 2008, has evolved into a fintech powerhouse, providing a comprehensive suite of services through its innovative super app. Boasting a customer base of 13.5 million, the company reported robust financials for the year ending December 31, 2023, with revenue reaching USD 2.68 billion and net income totaling USD 1.24 billion.
We are delighted to have contributed to Kaspi.kz's historic journey, offering our legal expertise from the Almaty office to guide them through successful listings and now the NASDAQ IPO. This achievement exemplifies Kaspi.kz's strategic strength in the global financial landscape.
Pavel Kornilov, Counsel
The Kinstellar team advising Kaspi.kz was led by Counsel Pavel Kornilov and included Associate Aigerim Raikhanova.
For more information about Kaspi.kz and its recent NASDAQ IPO, please visit Kaspi.kz’s press release or refer to the official press release on the U.S. Securities and Exchange Commission's website.