Freedom Holding Corp. CEO Timur Turlov raised $300 million in the equity market through a secondary public offering (SPO). The funds will be used to expand Freedom's operations in global markets, Bloomberg reported. This was reported by Qazaqyia.kz citing Kursiv Media.
Freedom Holding Corp. completed the placement of 2.4 million shares in an SPO (secondary public offering of shares already listed, previously held by its majority shareholders). The shares were priced at $126.35 each. Thus, the head and controlling shareholder of Freedom Holding Corp., Timur Turlov, managed to raise $300 million.
The company's shares are traded on the Nasdaq exchange, but the placement was conducted outside the United States and was not available to U.S. citizens and companies.
According to Timur Turlov, the raised funds will be directed to support further business growth and expand presence in foreign markets.
"I am confident that the digital infrastructure we built together with the team in Kazakhstan will certainly be in demand and competitive in all regions where we operate," said the CEO of Freedom Holding Corp.
After the placement, the share price of the Freedom group of companies rose to its highest level since October. The shares closed at $166.09, up 3.42%.
In recent months, the holding has intensified its international activities. The company has applied for a banking license in France. As part of its European expansion, the holding plans to allocate 500 million euros to create a digital bank and develop local infrastructure.
Additionally, Freedom Holding Corp. received approval from Turkish regulators to acquire 99.32% of Turkish Bank AS. According to Timur Turlov, Turkey is a strategic market for Freedom, and the holding enters it with a clear understanding of what it wants to build.
Freedom also obtained a universal banking license in Kazakhstan.