(Bloomberg) -- The Kazakh fintech provider backed by Goldman Sachs Group Inc. is reviving a plan to sell shares in London after lockdowns to fight the spread of coronavirus pushed people to shop and bank online.

Kaspi.kz seeks to be the first Kazakh lender to sell shares in London since AO Alliance Bank in 2007, before a crisis hobbled the country’s banks for a decade. Kaspi.kz’s initial plans to sell a stake fizzled with the collapse of the financial sector in 2009, and it delayed a share sale last year after the valuation disappointed shareholders.

In the U.S. and Asia, tech markets are fueling a boom in new floats, and after being largely dormant for most of this year Europe’s IPO market has suddenly burst to life with deals worth more than $9 billion announced over the last four weeks alone. These offerings account for about 44% of this year’s total so far, according to data compiled by Bloomberg.

Kaspi.kz’s four owners plan to sell shares, and will all retain a stake after the listing, according to a statement Friday. Baring Vostok Capital Partners, the Moscow-based private equity fund set up by embattled U.S. investor Michael Calvey, owns 35% of the lender, board chairman Vyacheslav Kim owns 32%, Chief Executive Officer Mikheil Lomtadze has 29% and Goldman holds the remaining 4%.

Morgan Stanley and Citigroup Inc. are the global coordinators and Renaissance Capital is the joint bookrunner, the company said.

Use of Kaspi.kz’s mobile app surged 72% in the past year, to 7.8 million active users in June. The company said it’s the largest online retailer in Kazakhstan by sales value last year and the largest consumer lender in the country of 19 million people.

Net income rose 50% to 116 billion tenge, or $286 million, in the first half of 2020 from a year earlier, with payments and marketplace platforms accounting for almost a third of the total. Kaspi.kz said it intends to pay out at least 50% of its net income as dividends each year.

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