Shares in LSE-listed Kazakh super-app Kaspi plummet as unrest continues (via _tommatsuda)
The stock hovered at $113.80 as markets opened on Wednesday but sharply dropped to as low as $71, before recovering slightly to above $80. At the time of writing,On Sunday, protests in Kazakhstan began when the government lifted a price cap on fuel. They have since intensified and, according to aNursultan Nazarbayev, who has remained a powerful figure in the government since stepping down.
Kaspi made its mark in the country as a super-app offering the ability to pay bills, transfer money and pay retailers, becoming the country’s in the process. The company tapped into a population with a large unbanked but increasingly online population, with an average internet penetration rate of 79%.going public in October 2020 at a $6 billion valuation.Vyacheslav Kim and Mikhail Lomtadze shot up to $2.5 billion and $2 billion respectively after the listing, which was the largest international tech IPO of 2020.
In 2017, according to Forbes, Satybaldy owned a 30% stake in Kaspi which he cashed out in 2019 after its first attempt to go public. Had he remained a controlling shareholder, as a politically powerful figure in Kazakhstan, the public listing would have likely drawn scrutiny from regulators. © 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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