Debevoise Advises in Its $1 Billion U.S. IPO

23 January 2024

Debevoise & Plimpton LLP has advised Joint Stock Company (“”) in its U.S. initial public offering of 11.3 million American depository shares (“ADSs”) representing 11.3 million common shares by selling shareholders at a price to the public of $92.00 per ADS, for gross proceeds of $1.04 billion. The underwriters will have a 30-day option to purchase an additional 1,695,000 ADSs from the selling shareholders. The offering closed on January 23, 2024 and the ADSs began trading on the Nasdaq Global Select Market under the ticker symbol “KSPI” on January 19, 2024.

In connection with the offering, amended the terms of, and renamed its former-Regulation S global depositary receipts to designate them as ADSs, which remain listed on the London Stock Exchange, along with its Rule 144A global depositary receipts. is a leading payments, marketplace and fintech platform in Kazakhstan and operates through a two-sided Super App business model: the Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs.

For more information, please see the client’s press release.

The Debevoise team advising was led by partner Nicholas Pellicani, and included partner Alan Kartashkin, international counsel Vera Losonci, and associates Alexander Altieri, Jennifer Lang, Evgenii Lebedev, Aleksei Shapovalov, and Toby Wenham-Rogers. Tax advice was provided by partners Cécile Beurrier and Matthew Saronson, and international counsel Patrick Fasoro.