Kazakh financial technological company Joint Stock Company Kaspi.kz, which controls JSC Kaspi Bank, said Sept. 25 it intends to list on the London Stock Exchange after shelving its earlier IPO plans almost a year ago.

Targeting institutional investors outside the U.S., the planned offering will consist of the sale of existing shares in the form of global depositary receipts, or GDRs, by existing shareholders, namely funds owned by Baring Vostok Capital Partners Ltd., Goldman Sachs Group's subsidiary ELQ Lux Holding, businessmen Vyacheslav Kim and Mikheil Lomtadze, as well as certain members of the company's management team. Each of the selling shareholders intends to retain a stake in the company after the IPO, which is subject to market conditions.

At least 20% of the maximum number of GDRs put up for sale by the selling shareholders will be offered for sale through the Astana International Exchange. The company is already listed on the Kazakhstan Stock Exchange.

Morgan Stanley & Co. International PLC and Citigroup Global Markets Ltd. are acting as joint global coordinators and, along with Renaissance Capital, as joint bookrunners.

Kaspi.kz operates payments, marketplace and fintech platforms accessible through the company's Super App, a mobile application in Kazakhstan with 7.8 million monthly active users. It plans to expand its services in the medium term to neighboring countries in Central Asia and the Caucasus, and is also looking to offer online travel services by the end of 2020.

The company reported a net profit of $286 million for the first half of 2020, up 50% year over year. It plans to pay dividends annually, amounting to at least 50% of its net income calculated under international financial reporting standards.