Second coming

8 October 2020 By Liam Proud Follow @liamwardproud

CEO Mikheil Lomtadze is having a second go at floating Kaspi.kz, after pulling a listing last year. Uncertainty over bad debt and the economic effects of Covid-19 may scupper an otherwise reasonable valuation. Selling shareholders might get a better price in a year.

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Kazakh bank Kaspi.kz's initial public offering on the London Stock Exchange will be priced between $28.50 and $33.75 per share, Reuters reported on Oct. 8 citing a bookrunner. That would imply a market capitalisation of about $6.5 billion.

Last month, the company, which controls the third-largest bank in Kazakhstan and operates a payments and e-commerce business, announced its listing plan, a year after it had abandoned the move.

Kaspi had said it would also offer its shares on the Astana International Exchange. It is already listed on another local bourse, the Kazakhstan Stock Exchange, but the stock's free float is tiny with little trading activity.

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