Baring Reduces Stake in Kaspi.kz by $106M in Q4 2024
Deal News | Jan 23, 2025 | Aim Group
Baring investment fund has significantly reduced its stake in Kaspi.kz, a leading Kazakhstan-based classified, e-commerce, and fintech company. According to reports from Kursiv.kz, Baring sold nearly 963,000 shares of Kaspi.kz in the fourth quarter of 2024. The share price during this period ranged from KZT50,700 to KZT58,000, yielding proceeds between KZT48.8 billion and KZT55.9 billion ($106 million US). Following this transaction, Baring's shareholding in Kaspi.kz decreased by 0.48 percentage points to 23.3%. This sale marks the third reduction in Baring's stake since Kaspi.kz's IPO on Nasdaq last April. Currently, Baring holds 46.5 million ordinary shares in the company. CEO and co-founder Mikhail Lomtadze and chairman Vyacheslav Kim are significant individual shareholders with 21.53% and 20.39% stakes, respectively. Baring Private Equity, which owns the Baring Group funds, was formed after the division of the Baring Vostok fund. The firm also holds shares in the Kolesa Group where Kaspi.kz has a controlling interest.
Sectors
- Private Equity
- E-commerce
- Fintech
Geography
- Kazakhstan – Kaspi.kz is a Kazakhstan-based company, and the transaction primarily affects the financial markets in this country.
Industry
- Private Equity – Baring Private Equity is a key player in the financial maneuver involving the sale of shares in a portfolio company, Kaspi.kz.
- E-commerce – Kaspi.kz operates in the e-commerce sector, making it a relevant industry in the context of its share sale by Baring.
- Fintech – Kaspi.kz is also involved in financial technology services, which aligns it with the Fintech industry classification.
Financials
- $106,000,000 – Proceeds from the sale of Kaspi.kz shares by Baring Private Equity.
- KZT50,700 to KZT58,000 – Price range per Kaspi.kz share sold during Q4 2024.
- 0.48 percentage points – Reduction in Baring's stake in Kaspi.kz following the share sale.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Baring Private Equity | Selling Company | Company | A private equity firm involved in the sale of Kaspi.kz shares. |
| Kaspi.kz | Target Company | Company | The largest Kazakhstan-based classified, e-commerce, and fintech business whose shares were sold by Baring. |
| Mikhail Lomtadze | CEO and Co-founder | Person | Mikhail Lomtadze is the CEO and Co-founder of Kaspi.kz with a 21.53% stake in the company. |
| Vyacheslav Kim | Chairman of the Board | Person | Vyacheslav Kim is the chairman of the board at Kaspi.kz, holding a 20.39% stake. |
| Baring Group Funds | Owner of Shares Sold | Company | Funds operated by Baring Private Equity Group that owned the shares in Kaspi.kz. |
| Kolesa Group | Other Company | Company | A company in which Baring Private Equity also has shares, with Kaspi.kz holding a controlling stake. |