Kazakhstan's kick-sharing service Jet intends to hold an international IPO by the end of 2028. The company is choosing between the American NASDAQ exchange and the London Stock Exchange (LSE). This was reported by Qazaqyia.kz citing Kursiv Media.

This was stated on the Kursiv Talks podcast by the service's founder, Meirambek Abelkasov. At the same time, the entrepreneur was skeptical about the possibility of holding an initial public offering only in Kazakhstan, but allowed for a dual listing scenario involving the AIX platform.

According to Abelkasov, the team will make a final decision on the exchange after the end of 2028. The company's key targets are NASDAQ and LSE.

The businessman considers the Asian vector unlikely: for example, he ruled out a listing in Hong Kong due to Jet's lack of operating activity in that region.

At the same time, the company is considering placement options on Latin American platforms, where the service owns 75% of the Brazilian market and is actively developing business in Mexico and Chile.

The founder of Jet initially met the idea of holding an IPO exclusively on the Kazakh market with skepticism, noting that the local investor base simply would not raise the necessary volume of capital.

Nevertheless, the entrepreneur did not completely cross out Kazakh platforms and called the dual listing format realistic, in which part of the shares would be offered to local investors on AIX or KASE.

"We can pinch something off here if there are incredible patriots inside the country who are ready to buy it up," Abelkasov shared, adding that Jet's debt securities are already actively bought by professional participants in the local financial market.

The company is already well known to the local stock market. The holding is registered in the AIFC and regularly raises capital through the issuance of foreign currency bonds on KASE and AIX to finance international expansion.

At the same time, Kazakhstan accounts for less than 5% (about 4%) of Jet's total revenue, while the company's net profit by the end of 2025 grew to $4.8 million mainly due to foreign markets.

Earlier, Kursiv wrote about how the Kazakh kick-sharing service JET conquered the Brazilian market.