The group, which controls Kaspi Bank, the third largest bank in Kazakhstan where it is a leader in payment systems and e-commerce, could sell shares worth $500-$700 million, two of the sources said.

A number of successful secondary share sales have given issuers confidence that the market for initial public offerings (IPOs) is much improved from 2019, when European volumes fell to a seven-year low.

Kaspi.kz pulled its listing last year after investors balked at the valuation.

However, a source said the company had told potential investors during roadshows that it was expecting full-year numbers to support its aspirations for a better valuation than its current $2.4 billion market cap in Almaty.

Copyright Reuters, 2020