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10/7/2019, 9:49 AM (Source: TeleTrader)
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Kazakh fintech firm Kaspi.kz delays LSE debut

Uncertainties in the international stock markets and in the global technology sector in particular were cited by Kaspi.kz Jsc on Monday as it announced the suspension of preparations for an initial public offering on the London Stock Exchange. The ecommerce and payments group, which controls Kazakhstan's Kaspi Bank Jsc, said it would "take a break" even though it claimed there was "great interest from first-class investors" and that it made them more acquainted with technology endeavors in the Central Asian country.

Chief executive Mikhail Lomtadze claimed the firm, has "long-term plans" after shelving this month's listing. Kaspi.kz's earnings jumped 53.8% in the first six months of the year to 77 billion tenge ($198.6 million) on a 34% surge in turnover to 226.9 million tenge. Goldman Sachs Group Inc. owns 4% of the fintech company.

The IPO was rumored to have been aimed at a valuation of $5 billion and that the flotation of global depository receipts (GDRs) would have been worth at least half a billion. Kaspi.kz trades at the Kazakhstan Stock Exchange.

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