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Kaspi.kz shelves London IPO plan due to market conditions

Kazakhstan-based financial group Kaspi.kz, which controls JSC Kaspi Bank, postponed its plan to float in London, citing unfavorable market conditions, particularly in the technology sector.

The firm planned to sell shares in the form of global depository receipts. Although it never disclosed any financial details on the plan, insiders had previously told Reuters that Kaspi.kz had aimed for a valuation of roughly $5 billion, with a minimum offering size in the range of $500 million to $600 million.

Kaspi.kz did not say when it plans to resume the listing plan.