Kaspi.kz commands $17.5 bln valuation in Nasdaq debut

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.

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.