Turbulent market for IPOs on the London Stock Exchange

Turbulent market for IPOs on the London Stock Exchange

Kazakh fintech company Joint Stock Company Kaspi.kz (Kaspi.kz) announced the postponement of its IPO this week, citing ‘currently unfavourable and uncertain market conditions, particularly in the technology sector’ as a key reason behind its decision not to go ahead. In the announcement, released on 7 October, Chair Mikheil Lomtadze stated ‘We are pleased with the very strong interest shown by investors and their very high level of engagement in the process. However, we've come to the decision that the timing is not the best at the current moment for an IPO.’

Incorporated and listed in Kazakhstan, Kaspi.kz  announced its intention to admit its global depositary receipts (GDRs) on the standard listing segment of the Official List and to trading on the Main Market of the London Stock Exchange (LSE)  on 16 September 2019, just three weeks before the decision to pull the float. The company had published a registration document and on 23 September 2019  co

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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.