Freedom Holding raised $300 million for international expansion

Freedom Holding Corp. raised $300 million in a secondary stock offering. The company plans to use the proceeds for further business development and expansion into international markets.

The offering was priced at $126.35 per share. According to the company, the offering was conducted outside the United States and was not available to U.S. investors.

Founder and CEO of Freedom Holding Timur Turlov noted that the raised capital will help accelerate international expansion. He stated that the digital financial ecosystem the company has built in Kazakhstan can be successfully scaled to other markets as well.

Following the announcement of the offering, Freedom Holding shares, which trade on Nasdaq, rose to their highest level since October of last year. At the close of trading, their price increased by 3.42%, to $166.09 per share.

In recent months, the company has been actively strengthening its position abroad. In June, Freedom Holding filed an application for a banking license in France and announced plans to invest approximately €500 million in developing its digital financial ecosystem in the country. In July, the holding also received approval from Turkish regulators to acquire Turkish Bank A.Ş. and obtained a universal banking license in Kazakhstan.

Freedom Holding was founded by Timur Turlov in 2008. Today, it is one of the largest financial holdings in Central Asia, developing an ecosystem that combines brokerage, banking, and insurance services, as well as digital services including ticket sales, a streaming platform, grocery delivery, and mobile communications.

Source: bloomberg.com