In its December 2020 Quarterly Review of the FTSE IOB Index Series, index-compiler FTSE Russell announced the inclusion of two Frontier Market equities to the Index: Kazakhstan’s Kaspi.kz and Lithunia’s AB Ignitis Grupe.
Kazakhstan’s fintech firm Kaspi is set to be included in the FTSE International Order Book Index after its successful initial public offering (IPO) on the London Stock Exchange (LSE) in mid-October. It achieved a market capitalisation of $6.5 billion on its first day of trading after it opened and traded at a high of almost $47 on the day.
The stock is trading at a price of $60 on the LSE as of 23rd December 2020, approaching double its original launch price.
Iginitis Grupe is a Lithunian energy company and it based in Vilnius, the capital city. Similar to Kapsi, it also recently had an IPO on the LSE earlier this year, although its share price has dropped from the IPO price of EUR 22.50 per share at the beginning of October to EUR 19.60 per share as of 23rd December 2020.
The company is currently looking to strengthen its position in the renewables sector and has recently approved a loan of EUR 83 million ($99.5 million) to its subsidiary, Ignitis Renewables, for the development of a 63-MW wind park project.
In the same review, FTSE confirmed that the Global Depositary Receipts (GDRs) for China Yangtze Power and SDIC Power Holdings will also be added to the FTSE IOB Index.
Last month, FTSE announced that Lebanon’s BLOM Bank was removed from the FTSE IOB Index as a result of of the withdrawal of the company’s global depositary shares (GDSs) from trading on the International Order Book.