As of November 6, 2026, D-MARKET Electronic Services & Trading is a publicly traded company (Nasdaq: HEPS). Joint Stock Company Kaspi.kz reports holding 93.51%, a majority of its shares. No bankruptcy or receivership appears in its SEC Form 8-K filings. Passive holders reporting on Schedule 13G include VR Advisory Services Ltd (5.2%), VR Global Partners, L.P. (5%) (Schedule 13D/A, September 15, 2026).
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Is D-MARKET Electronic Services & Trading a real, registered company?
- D-MARKET Electronic Services & Trading files with the SEC under CIK 1850235 (its SEC filings).
- Its shares are listed under the ticker HEPS on Nasdaq (SEC company record).
- Incorporated in W8, as its SEC filings state.
- Court and bankruptcy records: see Before you sign or pay below.
Before you sign or pay
- Court and bankruptcy: No federal court case or bankruptcy filing found under D-MARKET Electronic Services & Trading in our court records and SEC 8-K records (as of 2026-11-06).
- Ownership: 5%+ holders are reported on Schedule 13D or 13G; the latest names Joint Stock Company Kaspi.kz (filed 2026-09-15).
Who are D-MARKET Electronic Services & Trading's owners and officers?
D-MARKET Electronic Services & Trading: industry Retail-Catalog & Mail-Order Houses (Schedule 13D/A, 2026-09-15).
| Report | Holder | Share |
|---|---|---|
| Schedule 13D/A, 2026-09-15 | Joint Stock Company Kaspi.Kz | 93.51% |
| Schedule 13D/A, 2026-09-10 | Joint Stock Company Kaspi.Kz | 88.95% |
| Schedule 13G, 2026-06-18 | Vr Advisory Services LTD | 5.2% |
| Schedule 13D/A, 2026-06-10 | Joint Stock Company Kaspi.Kz | 86.74% |
| Schedule 13D/A, 2026-03-18 | Joint Stock Company Kaspi.Kz | 85.66% |
| Schedule 13G/A, 2026-02-25 | Turkcommerce B.V. | 0% |
| Schedule 13G, 2026-02-17 | Vr Advisory Services LTD | 4.6% |
| Schedule 13D/A, 2026-01-07 | Joint Stock Company Kaspi.Kz | 85.17% |
| Schedule 13D/A, 2025-12-29 | Joint Stock Company Kaspi.Kz | 75.96% |
| Schedule 13D/A, 2025-12-05 | Joint Stock Company Kaspi.Kz | 72.57% |
| Schedule 13G, 2025-12-02 | Vr Global Partners, L.P. | 5% |
| Schedule 13D/A, 2025-11-18 | Joint Stock Company Kaspi.Kz | 69.46% |
Questions about who owns D-MARKET Electronic Services & Trading
Who owns D-MARKET Electronic Services & Trading?
On this page, 3 holders' latest ownership filings report 5% or more of D-MARKET Electronic Services & Trading: Joint Stock Company Kaspi.Kz (93.51%, Schedule 13D/A, filed 2026-09-15), Vr Advisory Services LTD (5.2%, Schedule 13G, filed 2026-06-18) and Vr Global Partners, L.P. (5%, Schedule 13G, filed 2025-12-02).
Who are the largest shareholders of D-MARKET Electronic Services & Trading?
By the share each holder's latest filing reports, the largest holders of D-MARKET Electronic Services & Trading on this page are Joint Stock Company Kaspi.Kz (93.51%), Vr Advisory Services LTD (5.2%) and Vr Global Partners, L.P. (5%).
When did Joint Stock Company Kaspi.Kz buy into D-MARKET Electronic Services & Trading?
The filings give report dates, not purchase dates. The earliest filing from Joint Stock Company Kaspi.Kz on this page is the Schedule 13D/A, filed 2025-11-18, reporting 69.46%; its latest, Schedule 13D/A filed 2026-09-15, reports 93.51%. That earliest filing is itself an amendment, which updates an earlier report.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 12 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
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Warning Bells
Sources
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How much has D-MARKET Electronic Services & Trading raised?
No fundraising or offering filing from D-MARKET Electronic Services & Trading is on file with us.
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More on D-MARKET Electronic Services & Trading and the records around it.
D-MARKET Electronic Services & Trading elsewhere on the record
- 5%+ stake filings Sep 2026
Companies that share a holder
- VR Advisory Services Ltd also filed stake reports on 2 other companies: Azul S.A. (Aug 2026), ProPetro Holding Corp. (Jul 2026)
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https://mentionfox.com/who-owns/d-market-electronic-services-and-trading