Kaspi completes IPO in a watershed moment for EM

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By Sam Kerr
15 Oct 2020

Kazakh fintech and e-commerce firm Kaspi began trading on the London Stock Exchange on Thursday after completing a popular IPO. The deal was a remarkable achievement and there are hopes it means future growth-orientated IPOs from the emerging and frontier markets may see similar success, writes Sam Kerr.

The support for Kaspi would be unremarkable if the company’s results and that it operates in the popular tech sector were the only factors in the investment decision.

But it is from Kazakhstan — a country that is unfamiliar to the investors that normally back tech unicorns and ...

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