visimoney
TLDR: London-listed fintech Kaspi has stated that New York will become its “natural home” after its recent US share sale on the Nasdaq. The CEO of Kaspi, Mikheil Lomtadze, said that while listing in London was an important milestone for the company, New York will provide access to a wider pool of investors and greater recognition. The move comes as the London Stock Exchange is facing challenges in reviving its capital markets, with fewer companies floating on the exchange compared to previous years.
Kaspi, a Kazakhstan-based fintech company, recently raised $1bn through its Nasdaq offering, debuting at an $18bn valuation. The company’s app offers various features, including personal loans and online shopping, and has been compared to Tencent’s WeChat.
The CEO’s remarks reflect a growing trend of companies choosing to list in the US rather than in London. The London Stock Exchange has seen a decline in listings, with only 23 companies floating in the first nine months of 2023, compared to 119 listings in 2021. The CEO of Nasdaq’s global head of listings suggested that Kaspi felt it was not receiving full credit on the LSE, as the US market has a better understanding of valuing growth.
