One of Kazakhstan's famous "fintech" companies, Kaspi.kz, managed to attract $1 billion during its initial public offering (IPO). According to Bloomberg, investors succeeded in selling the depository shares of the Kazakh fintech, which is valued at $11.3 million, for $92.50 per share. Additionally, on January 17, Kaspi.kz announced its IPO stage on the NASDAQ stock exchange in the United States. Initially, the shares opened at $92.50, and the IPO price was $92 per share.

It's worth noting that Mikhail Lomtadze, the main shareholder and CEO of Kaspi.kz, is also the owner of some of Azerbaijan's most visited classifieds websites, including "turbo.az," "tap.az," "boss.az," and "bina.az." The 47-year-old Georgian citizen, who is one of the main shareholders of Kaspi.kz, managed to raise $1 billion during the IPO on the North American stock exchange. It was announced in October 2023 that Kaspi.kz intended to conduct an IPO in the United States. In December 2023, Kaspi.kz applied to sell its shares on the NASDAQ stock exchange in the United States. After Kaspi.kz, a Kazakh company, was listed on NASDAQ, its capitalization amounted to $17.5 billion.

Overall, the company's main shareholders have earned significant income from this success, including CEO Mikhail Lomtadze, Chairman Vyacheslav Kim, and Asia Equity Partners investment company. Interestingly, none of the shareholders reinvested their earnings back into the company during the IPO.