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Kaspi.kzs IPO priced at top end of marketed range

16.10.2020 JSC, the Goldman Sachs Group Inc.-backed owner of the central Asian countrys largest retail bank, sold $870 million of global depositary receipts at the top end of a marketed range. The offering was so popular that the company increased its size. On its debut Thursday, the stock roses as much as 33%, Bloomberg reports.

That gives Kaspis chairman, Vyacheslav Kim, and its chief executive officer, Mikheil Lomtadze, an entry to the elite club of the worlds billionaires. Kim owned about 32% of the company before the listing, while Lomtadze had a 26% stake -- meaning fortunes of $1.9 billion and $1.8 billion, respectively, at the IPO price of $33.75 a share, according to the Bloomberg Billionaires Index. The company didnt raise any money in the offering, with all the shares sold coming from Kim, Lomtadze and other holders.

Like many other financial firms, Kaspi has benefited from a shift online as people got stuck at home to fight the coronavirus spread. While Kazakhstans economy got hit from both the plunge in oil prices and Covid-19 lockdowns, Kaspis net income jumped 50% in the first half of 2020 and usage of its mobile app -- where its 7.8 million monthly users can pay bills, get loans and check a personal-finance management tool -- surged 72% in the past year. The owner of Kazakhstans biggest brokerage also became a billionaire recently.