The investors sold 11.3 million American depositary shares of Kaspi.kz for $92 apiece, according to a statement Friday confirming an earlier report by Bloomberg News. The price is a 5.3% discount from the closing level Thursday of Kaspi.kz’s London-traded global depositary receipts.

Kaspi.kz, whose US shares are set to begin trading Friday in New York, has a market value of about $18 billion. The London-listed shares dropped 1.9% to $95.30 at 9:04 a.m. in London.

The offering is the largest on a US exchange since Birkenstock Holding Plc’s $1.48 billion listing in October. Dozens of IPO candidates are looking for any sign that a two-year lull in listings might be coming to an end.

Kaspi.kz Chairman Vyacheslav Kim, Chief Executive Officer Mikheil Lomtadze and Asia Equity Partners Ltd. earlier had planned to sell 9 million shares, according to the filings. The company isn’t receiving any proceeds from the IPO.

Kaspi.kz, operating in Kazakhstan, offers the Kaspi.kz Super App, a mobile app for consumers with a diverse range of services, and the Kaspi Pay Super App for merchants and entrepreneurs. The consumer app had 13.5 million average monthly active users as of Sept. 30, according to the filing.

Kaspi.kz is also listed on both the Kazakhstan Stock Exchange and the Astana International Exchange. The company said it had net income of $1.27 billion on revenue of $2.83 billion for the nine months ended Sept. 30.

The offering of the US shares is being led by Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc. The shares will trade on the Nasdaq Global Select Market under symbol KSPI. (Bloomberg)