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Kazakhstani "super app" sets terms for $873 million US IPO

January 16, 2024
KSPI, a Kazakhstan-based provider of an online banking, payments, and marketplace app, announced terms for its IPO on Tuesday.

The Almaty, Kazakhstan-based company plans to raise $873 million by offering 9 million ADSs (100% secondary) at $97, the as-converted last close of its Regulation S GDRs on the London Stock Exchange (KSPI); the company is also listed on the Kazakhstan Stock Exchange (KSPI). At the proposed price, would command a market value of $18.4 billion. operates a payments, marketplace, and fintech "super app." Offerings on its consumer-facing app include e-commerce, grocery delivery, travel bookings, bill payments, QR code-based payments, and various government services. As of September 30, 2023, its consumer-facing app has 13.5 million monthly active users, 65% of whom use its app daily. also offers an e-commerce app for merchants, which has about 565,000 monthly active users. More than 99% of's revenue is from Kazakhstan, although the company also has a presence in Azerbaijan and Ukraine. was founded in 2007 and booked $3.8 billion in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol KSPI. Morgan Stanley, J.P. Morgan, and Citi are the joint bookrunners on the deal. It is expected to price during the week of January 15, 2024.