October 7, 2019 / 7:35 AM / 10 days ago

Kazakhstan's Kaspi.kz pulls London listing blaming market conditions

* Kazakh financial services group pulls listing

* Cites unfavourable, uncertain market conditions

* Follows recent collapse of The We Company listing

By Simon Jessop

LONDON, Oct 7 (Reuters) - Kazakhstan’s Kaspi.kz, which controls the Central Asian nation’s third-largest lender Kaspi Bank, said on Monday it was postponing a London listing due to market conditions.

The financial group, a leader in the Kazakh payment systems and e-commerce sector, had said in September it planned to sell existing shares in the form of global depository receipts (GDRs).

But the group said on Monday it was postponing the listing because of “unfavourable and uncertain market conditions, particularly in the technology sector”.

The move comes after serviced-office operator WeWork, backed by technology investor Softbank, pulled its initial public offering (IPO) last month following a highly public takedown of the firm’s mooted valuation and governance.

“We are pleased with the very strong interest shown by investors and their very high level of engagement in the process. However, we’ve come to the decision that the timing is not the best at the current moment for an IPO,” said Mikheil Lomtadze, chairman of Kaspi.kz’s management board.

Shareholders who had planned to sell down stakes in Kaspi.kz’s listing included Baring Vostok funds, Goldman Sachs, Kaspi.kz Chairman Vyacheslav Kim and Lomtadze.

Morgan Stanley, UBS, Citigroup and Credit Suisse were acting as joint global coordinators on the offering, along with Renaissance Capital as joint bookrunner. (Reporting by Simon Jessop; Editing by Edmund Blair)

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