The transaction, the second since the company achieved Investment Grade status, was met with strong demand from approximately 130 institutional investors and was 3.5x oversubscribed. The proceeds will be used for general corporate purposes and will further strengthen the company's liquidity.
Mikhail Lomtadze, CEO & co-founder of Kaspi.kz, commented:
"Our second international bond offering since achieving investment-grade ratings marks another important step in broadening Kaspi.kz's access to global debt capital markets and deepening our relationships with leading international investors. The strong demand for this transaction reflects confidence in our strategy, operating performance and strong cash generation. We remain well positioned to reinforce our leadership in Kazakhstan, accelerate the growth of our business in Türkiye and keep developing innovative digital services that improve the daily lives of our consumers and merchants."
Transaction Highlights
Title of Securities: 5.900% Senior Unsecured Notes due 2031
Issue Size: US$600 million
Tenor: 5 years
Issuer Ratings: Baa3 (Moody's) / BBB- (Fitch)
Coupon: 5.900%, payable semi-annually from and including October 28, 2026
Settlement: April 28, 2026
The transaction was led by Citigroup and J.P. Morgan as Joint Lead Managers and Joint Bookrunners, and BCC Invest as Kazakhstan Manager.
The Notes will only be offered for sale in the United States of America to "qualified institutional buyers" ("QIBs") as defined in Rule 144A under the U.S. Securities Act of 1933 (the "Securities Act") in transactions that are exempt from registration under the Securities Act, and outside the United States of America in reliance on Regulation S under the Securities Act.
About Kaspi.kz
Kaspi.kz's mission is to improve people's lives by developing innovative mobile products and services.
Kaspi.kz operates a unique two-sided Super App model, serving more than 25 million consumers and 900 thousand merchants across Kazakhstan and Türkiye. In Kazakhstan, our Super App seamlessly integrates payments, e-commerce, e-grocery, fintech, travel, classifieds and government services. This comprehensive offering is deeply relevant to users' daily lives, driving exceptional engagement with 77 monthly transactions per active consumer. In Türkiye, Kaspi.kz owns an 86% stake in Hepsiburada, one of the country's leading e-commerce platforms.
Kaspi.kz has been listed on Nasdaq since January 2024.
For further information
[email protected] +44 7427 751 275
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the U.S. federal securities laws, which statements relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as "believe," "may," "might," "will," "expect," "could," "should," "anticipate," "aim," "estimate," "intend," "plan," "potential," "prospective," "continue," "is/are likely to" or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Therefore, you should not place undue reliance on these ...
