Mobile App Kaspi.kz’s US IPO Raises $1 Billion for Investors (1)

Kaspi.kz’s largest shareholders raised about $1 billion in an upsized initial public offering as the Kazakhstan mobile app company adds momentum to US listings.

The investors sold 11.3 million American depositary shares of Kaspi.kz for $92 apiece, according to a statement Friday confirming an earlier report by Bloomberg News. The price is a 5.3% discount from the closing level Thursday of Kaspi.kz’s London-traded global depositary receipts.

Kaspi.kz, whose US shares are set to begin trading Friday in New York, has a market value of about $18 billion. The London-listed shares dropped 1.9% to $95.30 at 9:04 a.m. in London.

The offering ...