Global law firm White & Case LLP has advised Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as representatives of the underwriters, on Joint Stock Company Kaspi.kz's US$1 billion initial public offering (IPO) and listing on Nasdaq.
Certain selling shareholders of Kaspi.kz offered and sold 11.3 million American depository shares (ADS) representing common shares in the offering. The underwriters have an option to purchase an additional 1.695 million ADS from the selling shareholders for 30 days to cover overallotments.
White & Case advised on the deal's US, English and Kazakh law aspects. The Firm previously advised Kaspi.kz on its 2020 US$1 billion IPO and listing on the London Stock Exchange.
Kaspi.kz operates a two-sided Super App business model – the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. Its offerings include payments, marketplace and fintech solutions for both consumers and merchants and its Super App is the most popular mobile app in Kazakhstan, with 13.5 million active monthly users.
The White & Case team which advised on the transaction was led by partner Darina Kogan-Bellamy and counsel Bree Peterson (both London), and included partner Jonathan Parry (London), local partner Semion Issyk (Astana) and associates Alok Choksi (New York), Callie Wallace (London), Anastasia Buryak, Mikhail Revenko (both Astana) and Ekaterina Bolshakova (Tashkent).
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