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    Kazakhstan

    Kaspi announces delisting of depositary receipts from London Stock Exchange

    Kaspi announces delisting of depositary receipts from London Stock Exchange

    Kaspi, the prominent Kazakh fintech group, has announced its decision to delist its depositary receipts from the London Stock Exchange (LSE). This move comes in light of the company's evaluation of low trading volume and limited liquidity on the LSE platform, Frank Media reports.

    People passing by near a Kaspi office.
    Source: MarketScreener

    Kaspi deems the costs associated with maintaining its securities on the LSE and adhering to the platform's standards as disproportionate compared to the potential benefits.

    Application for Delisting

    The formal application for delisting was submitted on February 26, with the cessation of trading for Kaspi's securities on the LSE expected to take effect in a month's time, on March 25.

    Kaspi's journey on the London Stock Exchange commenced with a public offering in October 2020. During this offering, the Kazakh company placed approximately 15% of its shares on the exchange, raising an impressive $1bn.

    Continued Presence in Other Markets

    Despite the delisting from the LSE, Kaspi continues to maintain a robust presence in other key markets. In January of this year, the company held an initial public offering (IPO) on the Nasdaq exchange, raising an additional $1bn with a share price of $92. Importantly, Kaspi assures that the delisting from the LSE will not impact holders of securities on the American exchange.

    Trading on Other Exchanges

    Kaspi's securities remain actively traded on the Kazakhstan Stock Exchange (KASE) and Astana International Exchange (AIX), further solidifying its position in regional markets. Notably, the company's capitalization has surged to exceed an impressive $19bn, underscoring its stature and growth trajectory in the fintech sector.

     

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    26.02.2024, 18:24   Comments (0)   2522
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