Joint Stock Co Kaspi.kz (KSPI) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Low Risk

Limited dilution potential

Last updated: March 16, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares

Recent Dilution: 0.11% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

190M

Potential Supply

Additional shares possible

Splits

None

Past 2 years

Summary

KSPI currently has 190M outstanding shares. with minimal authorized share overhang for future dilution. The company has minimally diluted shareholders by 0.11% over the past 2 years.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding
Mar 16, 2026	20-F filing \| 190.2M shares outstanding	190M
Mar 10, 2025	20-F filing \| 190.0M shares outstanding	190M
Apr 29, 2024	20-F filing \| 189.3M shares outstanding	190M
Dec 28, 2023	F-1 filing: This F-1 filing describes an offering of ADSs (American Depositary Shares) by selling shareholders, with each ADS representing one common share. The underwriters have an option to purchase additional ADSs. The company has applied to list the ADSs on Nasdaq under the symbol "KSPI."	N/A

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