Kazakhstan-based banking and fintech giant Kaspi.kz was valued at $17.5b in a lackluster Nasdaq debut.

A day after the massive banking and fintech company located in Kazakhstan raised $1 billion for its investors in a huge initial public offering (IPO), Kaspi.kz’s shares debuted 0.5% above their offer price on Friday, valuing the company at $17.51 billion.

Lackluster response, particularly on a day when the S&P 500 index was below the benchmark. After nearly two years of weak U.S. IPO markets, the SPX was on the verge of a record close, signaling investor concern about fresh listings that would last until 2024.

Nevertheless, several businesses, including Reddit and ServiceTitan, are hoping to go public in the next few months due to dovish views regarding the trajectory of interest rates set by the Federal Reserve.

American depositary shares of Kaspi.kz debuted at $92.50 apiece, down from their $92 IPO price.

The company’s millionaire executives, CEO Mikheil Lomtadze and co-founder Vyacheslav Kim, as well as another shareholder, Asia Equity Partners, received nearly $1 billion from the sale of their shares. There were no earnings for the company.

On Thursday, the investors increased their offering from their initial aim to sell 9 million shares to 11.3 million shares.

Kaspi.kz serves both customers and merchants and is divided into three business segments: fintech, marketplace, and payments. Customers can access buy now, pay later (BNPL) loans, renew their driver’s licenses, register their businesses, and make e-commerce transactions through its app.

Investors can profit from the diversification that companies like Kaspi.kz provide because one unit might lessen the loss if another one fails.

However, a wide range of companies may provide unique risks and complicate the process for markets to assess the company. One aspect of Kaspi.kz’s vast empire is its e-grocery business, which is seen as a low-margin venture due to its logistical intricacies.

The IPO’s primary underwriters are Citigroup, J.P. Morgan, and Morgan Stanley.

The corporation is valued at more than $19 billion and is currently listed on the London Stock Exchange.