Blow for IPO market as Kaspi delays flotation

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By Sam Kerr
07 Oct 2019

IPO investors have one less deal to buy this autumn after Kazakhstan fintech firm Kaspi decided against proceeding with its London listing on Monday, because of volatile markets and disagreements about valuation.

CitiCredit SuisseMorgan Stanley and UBS were global co-ordinators, and Renaissance Capital was a bookrunner.

GlobalCapital understands that Kaspi is not ruling out an IPO in the future, but that the sellers felt that there was little logic in listing the company this autumn given general market volatility.

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