London-listed fintech says New York will become its ‘natural home’ after US share sale
The boss of a top London-listed fintech has said New York is likely to be the “natural home” for the firm going forward, in a blow to London as it works to bolster its capital markets.
Less than three years after it joined the London Stock Exchange, Kazakhstan-based Kaspi raised some $1bn (£787m) through an offering on the Nasdaq last week. It debuted at a valuation of $18bn on Friday, with shares 0.5 per cent above their offer price.
Chief executive Mikheil Lomtadze told the Financial Times that while listing in London “was an incredible milestone for us, especially at the beginning of our journey”, New York will “give us access to a wider pool of investors and another level of recognition”.
“We see the US as the natural home of the company going forward, looking at its future growth outlook,” he added.
Kaspi has compared its “super app” to Chinese conglomerate Tencent’s WeChat. The app’s features include personal loans, online shopping and even marriage applications.
Karen Snow, Nasdaq’s global head of listings, told the Financial Times that Kaspi “didn’t feel like it was getting full credit on the LSE, despite their performance”.
“You’ve got very sophisticated institutional investors here who understand how to value growth,” she added.
The comments come as the London Stock Exchange is struggling to breathe life into its capital markets.
Just 23 companies floated on the bourse in the first nine months of 2023, down from 45 in 2022, which itself was a 62 per cent drop compared with a record 119 listings in 2021.