Kazakhstan-based marketplaces, classifieds and fintech company Kaspi.kz has announced that it intends to delist from the London stock exchange (LSE) on March 25 in favor of trading on the Nasdaq exchange in the U.S.

The company’s ADSs have been traded on the LSE since its IPO in October 2020. In January 2024, Kaspi held an IPO on Nasdaq raising $1.0 billion U.S.

Citing the low volume of trading in its ADSs on the LSE, Kaspi said it expected that the majority of trading would now take place on Nasdaq. It maintained that the cost and regulatory burden of maintaining its listing on the LSE were disproportionate to the benefits.

Kaspi’s ADSs listed on Nasdaq clear through the Depositary Trust Company (DTC), whereas the ADSs listed on LSE clear through Euroclear/Clearstream. Investors can continue to hold their ADSs in either Clearstream or Euroclear, but in order to trade their ADSs on the Nasdaq, investors will need to transfer their position to DTC, according to Kaspi.

The company, valued at $17.5 billion U.S. at the time of its Nasdaq IPO, owns Kolesa.kz and Krisha.kz — Kazakhstan’s leading auto and real estate classified sites, respectively. It also owns Avtoelon.uz — the leading auto classified site in Uzbekistan — as well as a classifieds site in Azerbaijan.

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