London Daily

Focus on the big picture.
Wednesday, Sep 23, 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
Piddington Residents Back Symbolic Independence Vote Over Asylum Accommodation Plan
Reform UK Names Helen Jenner as New Leader in Wales
England Expands Devolution of Transport, Skills and Economic Development Powers
Liberal Democrats Call for Temporary Fuel Duty Cut to Ease Cost-of-Living Pressure
UK Farmers Warn Drought Has Caused Crop Failures and Reduced Harvests
UK Fixed Mortgage Rates Approach 6% as Lenders Raise Borrowing Costs
YouGov Poll Puts Labour at 23% With Conservatives and Reform UK on 21%
Badenoch Presses Burnham to Increase Defence Spending and Cut Welfare Costs
UK Military Figures Warn of Growing Threats to Undersea Infrastructure and National Readiness
BP Moves Ahead With Sale of UK North Sea Oil and Gas Business
UK and ASEAN Endorse New Framework for Trade and Economic Cooperation
UK Consumer Confidence Falls to Three-Year Low as Borrowing Costs and Job Concerns Rise
UK Inflation Rises to 3.1% as Motor Fuel Costs Push Prices Higher
Bank of England Sets Multi-Year Plan to Wind Down Quantitative Easing Holdings
UK Borrowing Rises to £18.3 Billion in August Ahead of October Budget
Michelin Guide Faces Industry Questions Over Restaurant Inspection Coverage
English Woodlands Face Renewed Weather Stress From Dry Conditions and Strong Winds
Research Finds Extensive Alcohol, Gambling and Unhealthy Food Branding During 2026 World Cup
Five Charged After Newborn Baby Dies From Stab Wounds in Sheffield
BT Could Reap £2 Billion From Recycling Copper as Full-Fibre Network Expands
FCA Urges Young Adults to Trace £1.5 Billion in Unclaimed Child Trust Funds
Reform UK Names Helen Jenner as New Leader in Wales After Dan Thomas Steps Down
Resolution Foundation Calls for Broad-Based Tax Rises to Fund Higher UK Defence Spending
Ed Davey Calls for Global Treaty to Halt Development of Super-Intelligent AI
Scotland Consults on Legal Price Caps for Essential Foods
NHS Productivity Reforms Could Prevent More Than 20,000 Early Deaths a Year, Report Says
United Kingdom and ASEAN Deepen Trade and Investment Cooperation
United Kingdom Deploys RAF Refuelling Support to Saudi Arabia After Houthi Attacks
UK Fiscal Headroom Shrinks as Higher Borrowing Costs Complicate Autumn Budget
UK Public Borrowing Jumps to £18.3 Billion in August, Raising Pressure Before Budget
Andy Burnham Reaffirms UK Net-Zero Target With £30 Million Community Energy Fund
Scottish Labour Leader Backs Rosebank and Jackdaw North Sea Projects
UK Consumer Confidence Falls to Three-Year Low
UK Diesel Prices Approach £2 a Litre as Global Supply Shortages Intensify
Chiltern Railways Returns to Public Ownership as UK Rail Nationalisation Advances
British Museum Faces Questions Over Peter Thiel’s Private Bayeux Tapestry Viewing
Earl Spencer Memoir Excerpts Renew Public Debate Over Diana’s Death
Liberal Democrats Gather in Brighton for Autumn Conference
Mothercare Shares Plunge as Middle East Store Closures Threaten Long-Term Solvency
Kent Police Treat Folkestone Hotel Fire as Suspicious
Caribbean Governments Advance Reparations Campaign Seeking Engagement With Britain
Scottish Labour Leader Backs Rosebank and Jackdaw North Sea Projects
FCA Urges Young Adults to Trace £1.5 Billion in Unclaimed Child Trust Funds
UK Competition Regulator Opens Inquiry Into McCormick-Unilever Foods Deal
Public Inquiry Into Tees, Esk and Wear Valleys Mental Health Failings Set to Begin
Nigel Farage Looks to US Immigration Enforcement Model for UK Border Policy
Chiltern Railways Moves Into Public Ownership
Security Review Raises Concerns Over Sensitive UK Police Data Stored on Microsoft Cloud
Burnham Government Warns of Difficult Autumn Budget as Fiscal Headroom Narrows
Bank of England Holds Rates at 3.75% as Inflation Rises to 3.1%
×