MOSCOW/LONDON (Reuters) – Kazakh banking and fintech agency Kaspi.kz KSPI.KZ may revive plans to checklist in London inside weeks, three sources informed Reuters, after Yandex’s deliberate buy of Russian on-line bank Tinkoff establishes a comparative valuation.
Kaspi, which beforehand aimed to boost between $500 million and $700 million from the London share sale it deserted final 12 months, declined to touch upon Thursday.
A supply near the Kazakh agency mentioned Kaspi, which controls the third largest bank in Kazakhstan the place it’s a chief in fee techniques and e-commerce, may need to capitalise on the deal introduced this week by Russian know-how agency Yandex, which plans to take over on-line bank Tinkoff for $5.5 billion.
This is able to set a valuation benchmark for digital banks in international locations within the former Soviet Union and Kaspi might proceed with its itemizing as soon as the deal was finalised, the supply mentioned.
Kaspi will stress that its e-commerce enterprise has been an enormous winner from the COVID-19 pandemic, a second supply mentioned.
This month, Kaspi mentioned that its web earnings rose by 50% 12 months on 12 months in January-June to 115.6 billion tenge ($272 million) on increased income and margins.
Yandex’s YNDX.O supply values Tinkoff TCSq.L at 10.5 instances earnings and a couple of.9 instances e book value, Refinitiv information reveals.
A 3rd supply mentioned Kaspi, whose in style cellular app has made it a family title within the oil-rich Central Asian nation of 19 million, might press forward with the itemizing within the coming weeks.
The second supply mentioned the itemizing might be introduced within the coming days with the intention to get it finished earlier than November’s presidential election in the US.
Citigroup and Morgan Stanley are among the many banks concerned within the deal, the second supply mentioned. Morgan Stanley declined to remark and Citigroup didn’t reply to a request for remark.
Commenting on the Yandex-Tinkoff deal, Kaspi mentioned it owed its success to its technique “which combines everyday payments, e-commerce and digital finance services” in its app.
“This Ecosystem approach is now being replicated by leading internet businesses around the world and it’s no surprise to us therefore that Russia’s best technology companies are attempting to replicate something similar themselves,” Kaspi.kz mentioned.
In its itemizing announcement final 12 months, Kaspi mentioned the promoting shareholders would come with Baring Vostok funds, Goldman Sachs, Kaspi.kz board chairman Vyacheslav Kim, and its chief government Mikheil Lomtadze.
Further reporting by Mariya Gordeyeva and Olzhas Auyezov in Almaty; Modifying by Alexander Smith