Kazakh bank Kaspi.kz announced its intention to withdraw from the London Stock Exchange at the end of March, according to the organization’s message. In January, Kaspi.kz raised $1 billion during an initial public offering on the US Nasdaq market.
The Bank plans to complete the delisting of Global Depositary Receipts (GDR) and American Depositary Receipts (ADS) from the LSE by March 25. The organization’s securities are also traded on the Almaty Stock Exchange and the Astana International Stock Exchange.
Kaspi’s delisting is due to low trading volume in the exchange’s main market. The costs and administrative burden do not match the benefits of listing on the LSE, given limited revenue liquidity and access to the Nasdaq.
According to Bloomberg, the bank’s shareholders sold more than expected during the IPO in the United States. The plan was to issue 9 million American depositary shares, while 11.3 million were sold.
On February 23, at the close of the Nasdaq, the bank’s securities were worth $103.47 (+3.33%), indicates Forbes. Since the beginning of trading, the securities have risen in price by almost 12.5%.
Kaspi.kz is a Kazakh technology company that combines a bank, marketplace and other services.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
