Kaspi.kz Raises $600 Million in Oversubscribed 2031 Bond Issue

Kaspi.kz JSC Sponsored ADR RegS ( (KSPI) ) just unveiled an announcement.

Kaspi.kz, the Kazakhstan-based Super App operator with major payments, e-commerce and fintech operations in Kazakhstan and Türkiye, has more than 25 million consumers and 900,000 merchant partners and has been listed on Nasdaq since January 2024. The company also controls 86% of Turkish e-commerce platform Hepsiburada, reinforcing its cross-border digital commerce footprint.

On April 24, 2026, Kaspi.kz announced it had successfully issued US$600 million of 5.900% senior unsecured notes due 2031, its second international bond since attaining investment-grade status, in a deal that was 3.5 times oversubscribed by around 130 institutional investors. The five-year notes, rated Baa3/BBB-, will be settled on April 28, 2026, with proceeds earmarked for general corporate purposes to bolster liquidity, underscoring strong investor confidence in the group’s strategy and regional growth plans while broadening its access to global debt markets.

The most recent analyst rating on (KSPI) stock is a Hold with a $95.00 price target. To see the full list of analyst forecasts on Kaspi.kz JSC Sponsored ADR RegS stock, see the KSPI Stock Forecast page.

Spark’s Take on KSPI Stock

According to Spark, TipRanks’ AI Analyst, KSPI is a Outperform.

The score is driven primarily by strong financial performance (profitability, improving leverage, and 2025 cash-flow rebound) and supportive valuation (low P/E). These positives are tempered by weaker technical momentum (below key longer-term moving averages with negative MACD) and earnings-call risks around margin pressure and macro/regulatory headwinds, alongside near-term investment drag from Hepsiburada.

To see Spark’s full report on KSPI stock, click here.

More about Kaspi.kz JSC Sponsored ADR RegS

Kaspi.kz is a Kazakhstan-based digital platform operator running a two-sided Super App that integrates payments, e-commerce, e-grocery, fintech, travel, classifieds and government services. It serves over 25 million consumers and 900,000 merchants across Kazakhstan and Türkiye, including an 86% stake in Turkish e-commerce player Hepsiburada, and has been listed on Nasdaq since January 2024.

The company’s broad ecosystem and strong user engagement, with high monthly transactions per active consumer, position it as a leading fintech and e-commerce player in Central Asia and a growing competitor in Türkiye. Its investment-grade credit ratings from Moody’s and Fitch further support access to international capital markets and underpin its regional expansion ambitions.

Average Trading Volume: 561,665

Technical Sentiment Signal: Buy

Current Market Cap: $14.08B

For detailed information about KSPI stock, go to TipRanks’ Stock Analysis page.