Kazakhstan’s Kaspi revives London float plan

Kazakh banking and fintech firm Kaspi.kz said it intended to list on the London Stock Exchange, reviving plans it had abandoned a year ago.

The company, which controls the third largest bank in Kazakhstan and operates a payments and ecommerce business, said it planned to sell shares held by owners including Baring Vostok funds, Goldman Sachs, Kaspi.kz board chairman Vyacheslav Kim, and management including CEO Mikheil Lomtadze.

Reuters reported on Thursday that Kaspi.kz had decided to try again for a London listing after Yandex’s planned purchase of Russian online bank Tinkoff established a comparative valuation and appeared to be well received by the market.

Kaspi’s popular mobile app has made it a household name in the oil-rich Central Asian nation of 19 million.