Kazakhstani scooter-sharing operator JET is considering an initial public offering (IPO) after 2028. The company is choosing between Nasdaq and the London Stock Exchange (LSE).
JET founder Meirambek Abelkassov spoke about the plans on the Kursiv Talks podcast. At the same time, he expressed skepticism about an IPO in Kazakhstan alone but did not rule out a dual listing involving the Astana International Exchange (AIX).
Abelkassov said the team will make a final decision on the exchange after the end of 2028. JET views Nasdaq and the London Stock Exchange (LSE) as its main potential listing venues.
The businessman considers an Asian listing unlikely. For example, he ruled out listing in Hong Kong, as JET has no operations in the region.
At the same time, the company is considering listing options on Latin American exchanges, where its service holds 75% of the Brazilian market and is gaining momentum in Mexico and Chile.
On the prospect of an IPO in Kazakhstan alone, Abelkassov noted that the local investor base would simply not be able to raise the required capital.
Nevertheless, Abelkassov did not rule out Kazakhstan’s exchanges entirely, saying a dual listing was a realistic option, with a portion of shares offered to local investors on AIX or KASE. He added that professional participants in the local financial market are already actively buying JET’s debt securities.
The company is already well known in the local capital market. The group is registered with the AIFC and regularly raises funds by issuing foreign-currency bonds on KASE and AIX to finance its international expansion
Meanwhile, Kazakhstan accounts for around 4% of JET’s total revenue, while the company’s net income rose to $4.8 million in 2025, driven primarily by its international markets.
Kursiv.media previously covered how Kazakhstani scooter-sharing service JET established itself in the Brazilian market.