(Reuters) – 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.
(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)
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