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Latham Advises on Kaspi.kz’s US$6.5 Billion Initial Public Offering

October 20, 2020
Cross-border team represents the underwriters in IPO of most valuable ever listed Kazakh company.

Latham & Watkins advised the underwriters in the successful pricing of Kaspi.kz’s initial public offering (IPO) at US$33.75 per GDR. The company, trading under the ticker symbol KSPI.LI, achieved a market capitalization of US$6.5 billion on its first day of conditional trading through a dual listing on London Stock Exchange and Astana International Exchange.  Kaspi.kz’s IPO is Britain's second biggest IPO so far in 2020 and Europe's fourth largest. 

Kaspi.kz, which operates the Kaspi.kz Super App, is Kazakhstan’s most popular mobile app and the gateway to its market leading payments, marketplace and fintech platforms. 

The Latham team was led by Moscow corporate partner David Stewart, counsel Edward Kempson, and associate Alexander Kartyshev, with London corporate partner James Inness.