Shearman & Sterling advised Deutsche Bank, J.P. Morgan and Halyk Finance as joint global coordinators and joint bookrunners and Renaissance Capital as a joint bookrunner in connection with a $344.5 million fully marketed offering by ALMEX Holding Group, the majority shareholder of Halyk Bank, of 29.3 million Global Depositary Receipts (GDRs), each representing 40 shares in the share capital of Halyk Bank. The number of GDRs sold in the offering represents 10 percent of Halyk Bank’s outstanding shares.
Halyk Bank is Kazakhstan’s leading financial services group with the largest customer base (in terms of share of total deposits) and the largest distribution network (in terms of numbers of branches) among all banks in Kazakhstan. Halyk Bank's core business is focused on retail, corporate and SME banking.
The existing shares of Halyk Bank are listed on the Kazakhstan Stock Exchange and the GDRs representing its shares are admitted to trading on the Main Market of the London Stock Exchange. As part of the offering, all existing shares and GDRs were also admitted to listing and trading on the Astana International Exchange (AIX). The offering consisted of a private placement to institutional investors outside of Kazakhstan, including to “qualified institutional buyers” in the United States pursuant to Rule 144A under the U.S. Securities Act, and a domestic offering to investors in Kazakhstan.