The failed initial public offering by Kaspi.kz wasn’t bad news for everyone.
Before the Kazakh fintech group backed by Goldman Sachs Group Inc. announcedits plans for a flotation in London, Kairat Satybaldyuly sold his entire 30% stake. Satybaldyuly, the nephew of Kazakhstan’s leader-for-life
“I sold the stake to develop other projects in telecommunications and property spheres,” Satybaldyuly said by email, through Kaspi.kz.
The would-be IPO was a test run for Kazakhstan. Since its last bank listing in London in 2007, the former...