Insights Report: What does the Kaspi IPO mean for Central Asian businesses, investment and investors?

October 2020 may well go down as the month that international investor’s perception of Central Asia changed forever. Kaspi.kz, a payment, marketplace and fintech ecosystem, became the largest Kazakh company ever to IPO in London. Valued at $6.5 billion, Kaspi.kz created two billionaires and signalled that Central Asia could produce high quality, technology-enabled companies that can compete with their global peers while generating high returns for institutional investors such as Goldman Sachs and Baring Vostok.

For a region of such potential, there are very few ways for international investors to access these opportunities. While the public markets have limited liquidity and high volatility, private markets offer extremely attractive, but more difficult to access, opportunities. Sturgeon Capital is one of the only VC investors focused on Central Asia, with a dedicated team actively deploying capital into some of the most exciting businesses in the region. As the region opens up there is a window of investment opportunity, with early movers set to be rewarded with attractive valuations and the pick of the most promising companies.

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