Kaspi.kz commands $17.5 billion valuation in Nasdaq debut By Reuters

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© Reuters. The Kaspi Bank logo in seen at the bank’s branch in Almaty, Kazakhstan October 7, 2019. REUTERS/Pavel Mikheyev/File Photo

(Reuters) – Kazakhstan-based banking and fintech giant Kaspi.kz was valued at $17.51 billion when its shares debuted 0.5% above their initial public offering price on Friday.

Kaspi.kz’s share sale fetched more than $1 billion for the company’s billionaire executives, co-founder Vyacheslav Kim and CEO Mikheil Lomtadze, as well as another shareholder, Asia Equity Partners. No proceeds went to the company.

Its American depositary shares opened at $92.50 each, compared with the IPO price of $92.

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