ALMATY/Feb. 27 2020 (The Bulletin) — — Four months after postponing an IPO on the London Stock Exchange, Kapsi.kz, a Kazakhstan-based banking and technology group, said that income rose to 197b tenge ($525m) in 2019, a 79% rise from 2018.
Kaspi.kz which owns Kapsi Bank, one of the largest high street retail banks in Kazakhstan, postponed its IPO because it said that market conditions were poor, although analysts said that it may have been irked by receiving a poorer market reception than expected.
Kapsi.kz has close links to the Kazakh elite and, until the start of 2019, Kairat Satybaldy, the nephew of Kazakhstan’s former president, Nursultan Nazarbayev, had officially owned the biggest stake in the company.
The company’s other main shareholders are Baring Vostok funds, Goldman Sachs, chairman Vyacheslav Kim and CEO Mikheil Lomtadze.
Reuters quoted sources inside Kaspi.kz saying that the company was once again considering an IPO and quoted Mr Lomtadze as saying: “We continue to monitor market conditions closely in relation to our potential initial public offering.”
In its full-year report, Kaspi.kz said its revenue had increased by 37%.
— This story was first published in issue 438 of the Central Asia & South Caucasus Bulletin
— Copyright the Central Asia & South Caucasus Bulletin 2020