Kazakh electric scooter rental service Jet plans an international IPO by the end of 2028. The company is choosing between the American NASDAQ and the London Stock Exchange (LSE).
Jet's founder, Meirambek Abelkasov, believes that Kazakh investors will not be able to raise the necessary capital for the company. Moreover, Kazakhstan accounts for only about 4% of the service's revenue.
Abelkasov shared his plans during the Kursiv Talks podcast. According to him, the team will choose the exchange after the end of 2028. The entrepreneur considers listing in Asia unlikely and excluded Hong Kong, as the company does not operate in this region.
Jet is also considering platforms in Latin America. The service holds 75% of the market in Brazil, and the company is actively expanding in Mexico and Chile. Jet's net profit by the end of 2025 increased to $4.8 million, mainly due to operations abroad.
At the same time, Abelkasov has not ruled out Kazakh platforms and mentioned the possibility of a dual listing – where shares are traded on two exchanges simultaneously. In this case, Jet may offer some shares to local investors on the Astana International Exchange (AIX) or the Kazakhstan Stock Exchange (KASE). "We might allocate something here if there are incredible patriots within the country who are willing to buy," he explained.
Jet is already raising funds in Kazakhstan. The holding is registered in the Astana International Financial Centre (AIFC) and regularly issues currency bonds on KASE and AIX to finance overseas development. According to the founder, these securities are actively purchased by professional participants in the local market.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.