London Daily

Focus on the big picture.
Wednesday, Aug 05, 2026

Digital Frenzy Creates Two Billionaires in U.K. Fintech IPO

Digital Frenzy Creates Two Billionaires in U.K. Fintech IPO

A hot London IPO from a fintech provider has created two billionaires in Kazakhstan.
Kaspi.kz JSC, the Goldman Sachs Group Inc.-backed owner of the central Asian country’s largest retail bank, sold $870 million of global depositary receipts at the top end of a marketed range. The offering was so popular that the company increased its size. On its debut Thursday, the stock roses as much as 33%.

That gives Kaspi’s chairman, Vyacheslav Kim, and its chief executive officer, Mikheil Lomtadze, an entry to the elite club of the world’s billionaires. Kim owned about 32% of the company before the listing, while Lomtadze had a 26% stake -- meaning fortunes of $1.9 billion and $1.8 billion, respectively, at the IPO price of $33.75 a share, according to the Bloomberg Billionaires Index. The company didn’t raise any money in the offering, with all the shares sold coming from Kim, Lomtadze and other holders.

A company representative declined to comment.

Like many other financial firms, Kaspi has benefited from a shift online as people got stuck at home to fight the coronavirus spread. While Kazakhstan’s economy got hit from both the plunge in oil prices and Covid-19 lockdowns, Kaspi’s net income jumped 50% in the first half of 2020 and usage of its mobile app -- where its 7.8 million monthly users can pay bills, get loans and check a personal-finance management tool -- surged 72% in the past year. The owner of Kazakhstan’s biggest brokerage also became a billionaire recently.

It’s a comeback for Kaspi, which last year delayed its initial public offering because potential buyers failed to meet the $4 billion valuation the owners were said to want at the time. Now the company has successfully marketed an offering that values it an even higher $6.5 billion.

The listing is the first for a Kazakh financial company in London since AO Alliance Bank’s offering in 2007, before the country’s lenders got engulfed in a decade-long crisis. The IPO gives Kaspi a higher value than the potential takeover of digital bank TCS Group Holding Plc, which Russian tech giant Yandex NV is in talks to buy for $5.48 billion.

Kim graduated from Almaty State University with a finance major before starting a business career selling household appliances. He bought a stake in Kaspi’s predecessor in the early 2000s.

He’s also an adviser on Central Asia strategy to Baring Vostok Capital Partners Ltd. The Moscow-based private equity fund set up by embattled U.S. investor Michael Calvey signed a deal in 2016 to invest in the nation with Kairat Satybaldyuly, the nephew of Kazakhstan’s leader for life, Nursultan Nazarbayev. Baring Vostok, Kaspi’s biggest shareholder with a 35% stake before the IPO, also sold stock in the offering.

Kaspi’s rise started when Baring Vostok acquired a stake in the company in 2006 and put its partner, Lomtadze, in charge the following year. Before joining the private equity firm, Lomtadze, who earned an MBA from Harvard Business School, founded in the mid-1990s a strategy and auditing firm in Georgia, his home country, that later became part of Ernst & Young.

In 2018, Kim bought the entire 30% stake that Satybaldyuly owned in Kaspi for 200 billion tenge ($466 million), taking his ownership to about half, according to the firm’s prospectus and Bloomberg calculations. In December of that year, when the company was first preparing for its IPO, Kim gave about 20% of Kaspi to Lomtadze for a “non-cash consideration.” While it’s not clear what was involved in the transaction, that made him one of the largest owners of the company, with Kim and Baring Vostok.

The company’s global depositary receipts closed 23% higher from the listing price at $41.50 in London.
Newsletter

Related Articles

0:00
0:00
Close
UK Energy Security Faces Pressure From Middle East Conflict and Red Sea Disruptions
UK Government Expands Employment Discrimination Review Amid Labour Market Changes
UK Campaigners Call for Ban on Toxic Flea Treatments Linked to Water Pollution
MI6 Ranked Europe’s Leading Foreign Intelligence Service in Independent Review
Houthi Missile Attack on Saudi Oil Tanker Raises Further Red Sea Shipping Concerns
Palantir Faces UK Tax Criticism After Paying Two Million Pounds in Corporation Tax
Advanced AI Models Show Unexpected Behaviour During UK Cybersecurity Testing
Bank of England Introduces Tougher Artificial Intelligence Testing Rules for Financial Firms
Next Raises Annual Profit Forecast to One Point Two Four Billion Pounds After Strong Summer Sales
New UK Visa Rules Tighten Skilled Worker, Student and Family Migration Routes
UK Government Proposes New Equal Pay Enforcement Powers for Employers
UK High Court Blocks Home Office Deportation Policy for Alleged Trafficking Victims
UK Health Secretary Yvette Cooper Announces Major Reform of NHS Maternity Services
BP Reports Four-Year High Quarterly Profit of Five Point Seven Billion Dollars Amid Energy Market Turmoil
Bank of England Holds Interest Rate at Three Point Seven Five Percent as UK Growth Remains Weak
Spain and Morocco Trade Blame After 72,000 Migrants Enter Ceuta
Met Police Investigated Journalist Who Questioned Cambridge Professor
Badenoch Defends Tory Candidate Jailed for Antisemitic Abuse of Luciana Berger
NHS Spends £240m a Year Storing Paper Records Despite Digital Push
Apple Seeks Court Order to Stop OpenAI Using Alleged Trade Secrets
Breaking With the Past: One of the World’s Smallest Countries Changes Its Name
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Comcast: Tied to a Chair and Hit in the Face With Cake: The Regular Humiliation Ritual at the US Corporate Giant
Aston Martin Faces Legal Threat Over £550m Rescue Deal
Conservative Party and Reform UK Face Growing Scrutiny Over Political Transparency
GMB and Public Sector Unions Prepare for Wider Debate Over Government Priorities
UK Government Faces Pressure to Address National Water Infrastructure Failures
NHS Radiographers Report Rising Racist Abuse From Patients
Breast Cancer Experts Call for Overhaul of NHS Diagnostic Approach
UK Government Reviews Prison Policy After Debate Over Capacity and Public Safety
Nigel Farage Faces Questions Over Leadership Discussions and Five Million Pound Donation
Conservative Party Faces Candidate Controversy Over Former Antisemitic Activist
UK Energy Industry Pushes for Greater Role for Domestic Oil and Gas Production
Gatwick Expansion Debate Continues as Airport Prepares for Second Runway Construction
Reform UK Wants the Royal Navy to Return Channel Boats to France
Government Faces Pressure Over Charity Funding Linked to Illegal Israeli Settlements
UK Fire Chiefs Demand Ban on Disposable Barbecues During Severe Drought
Medical Review Warns Current Breast Cancer Guidelines Miss Many Young Women
NHS Mental Health Trust Announces Twenty-Five Million Pound Service Cuts
MI6 Rated Europe’s Most Capable Foreign Intelligence Service in International Review
UK Watchdog Finds Serious Failures in Electronic Offender Monitoring System
BP Chief Warns UK Must Protect Domestic Oil and Gas Capacity
Water Supply Crisis Threatens England’s Housing Expansion Plans
UK Government Rewrites Procurement Rules to Prioritise Jobs Over Environmental Targets
English Channel Rescue Operation Saves One Hundred Seventy-Three Migrants After Boat Capsizes
Gatwick Airport Wins Legal Approval for Second Runway Expansion
UK Government Tightens Early Prison Release Scheme After Public Backlash Over Offender Freedoms
US and Japan Step In to Support the Yen in Rare Joint Intervention
The AI Pricing Problem: Companies Cannot Predict Their Own Bills
Europe’s Heat and Drought Are Now Disrupting Power, Shipping and Tourism
×