for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-Kazakhstan's Kaspi valued at $6.5 bln in London listing - bookrunner

(Adds detail)

Oct 8 (Reuters) - Kaspi.kz’s share offering on the London Stock Exchange will be priced between $28.50 and $33.75, a bookrunner said on Thursday, valuing the Kazakh financial and technology company at up to $6.5 billion.

Selling shareholders are expected to raise up to $879 million from the deal, accounting for overallotment options, and will retain holdings in the firm whose business has been boosted by the COVID-19 pandemic.

Last month, the company, which controls the third-largest bank in Kazakhstan and operates a payments and ecommerce business, announced its listing plan, a year after it had abandoned the move.

Kaspi posted a 50% jump in January-June profit last month and outlined growth plans including expansion into sectors such as online travel and markets such as nearby Central Asian countries and the Caucasus region.

The company, owned by Baring Vostok funds, Goldman Sachs, board chairman Vyacheslav Kim and senior management, seeks to generate more income from non-banking businesses as Kazakhstan’s banking sector growth has stagnated amid a slump in the price of oil, the country’s main export. (Reporting by Aakash Jagadeesh Babu in Bengaluru; editing by Uttaresh.V and Jason Neely)

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up