Freedom Holding Corp. Launches $300 Million SPO

Freedom Holding Corp. has announced an additional share offering of up to $300 million. The subscription period for the SPO began on June 15, 2026. The offering will take place outside the United States and will not include U.S. investors.

Investors are being offered the opportunity to purchase the company’s shares at a 10% discount to the June 11 closing price. Freedom Holding founder and CEO Timur Turlov had previously spoken about the planned SPO, explaining that the proceeds would be used to support the company’s further international expansion.

Why Freedom Is Raising Capital

Today, Freedom Holding operates in 21 countries, including the United States, Europe, and Central Asia. According to Timur Turlov, the new offering is equivalent to approximately 3% of the company’s total shares outstanding, while the company’s free float currently stands at around 30%. Freedom Holding’s market capitalization is estimated at roughly $8.5 billion.

As the company’s CEO notes, Freedom has traditionally grown as a public company, and the current offering is intended to accelerate the scaling of its ecosystem and expansion into new markets.

Investors with brokerage accounts — excluding U.S. citizens — are eligible to participate in the SPO. In the event of strong demand, the company may apply an allocation mechanism, distributing shares among participants in order to broaden investor participation.

Why Timur Turlov Believes FRHC Has Growth Potential

Since listing on NASDAQ in 2019 under the ticker FRHC, Freedom Holding Corp.’s shares have increased significantly in value. In August last year, the stock reached an all-time high of around $190 per share and is currently trading near $140 — approximately ten times higher than at the time of the company’s public listing.

Over the same period, the company substantially expanded both its client base and ecosystem of services. Freedom’s banking segment, which served around 40,000 clients in 2021, now exceeds 5 million users. The number of brokerage clients in Kazakhstan alone has surpassed half a million.

The holding’s services span a wide range of sectors, from insurance and ticketing to travel-tech and digital services. More than 3 million people have used the Freedom Ticketon platform, while the company’s insurance products have reached a similar scale. Naimi.kz and Freedom Travel together attracted more than 2 million users, and Freedom’s insurance products have been used to issue policies for 1.8 million vehicles.

All key services are integrated into the Freedom SuperApp, whose user base exceeded 6 million by June 2026. In the first quarter of 2026 alone, the platform added more than 800,000 new users. According to Turlov, reaching 8–10 million users within the next year appears entirely realistic.

The company’s founder believes that further development of the digital ecosystem could significantly increase Freedom Holding’s market capitalization.

AI and Data Center Projects

Over the past two years, Freedom Holding has actively invested in technology projects and partnerships with global companies. Together with NVIDIA and Kazakhstan’s Ministry of Artificial Intelligence, the holding is participating in the development of a Sovereign AI Center in Astana. The project is expected to become one of the region’s largest infrastructure hubs for artificial intelligence development.

At the same time, Timur Turlov has invested in the construction of Akashi Data Center, a Tier IV facility designed for AI workloads, cloud solutions, and big data storage. The project предусматривает more than 4,000 server racks and capacity of up to 100 MW. The first phase is scheduled to launch in 2027.

In addition, Freedom partnered with OpenAI to introduce ChatGPT Edu to Kazakhstan’s schools. Under the program, approximately 165,000 teachers will receive access to the educational version of the AI platform.

Expansion into Turkey and Europe

Freedom Holding continues expanding its international presence. In Turkey, the company is developing its brokerage business and considering the acquisition of a local bank to integrate into its future digital ecosystem.

In France, the holding has applied for a banking license, while in Georgia it previously obtained a brokerage license. In the longer term, Freedom plans to launch the SuperApp not only in Turkey but also across European markets. In the United States, the company continues developing selected technology and financial products.

Financial Results

According to Freedom Holding Corp.’s FY2026 financial results, net profit more than doubled to $153.3 million compared with $76.2 million a year earlier.

Revenue reached $2.19 billion, more than 26 times higher than at the time of the company’s IPO in 2019. Total assets increased by 33% to $13.16 billion.

The main growth drivers were higher client balances on brokerage accounts and the expansion of the company’s investment portfolio. Basic earnings per share amounted to $2.56.

The number of brokerage clients increased by 26% to 858,000 users. The banking segment surpassed 5 million customers, the insurance business serves 1.1 million people, and the audience of the holding’s other services grew by 83% year-over-year.