Kaspi.kz, a Kazakhstan-based fintech, announced that it would postpone a planned initial public offering in London, citing unfavorable and uncertain market conditions, particularly in the tech sector. 

Kaspi, the parent company of Kaspi Bank, and partially owned by Goldman Sachs, announced plans in September to launch an IPO. The valuation was not disclosed, but reports said the IPO would have valued the company at about $5 billion. 

"We are pleased with the very strong interest shown by investors and their very high level of engagement in the process," Mikheil Lomtadze, chairman of the company, said in a filing with the LSE. "However we’ve come to the decision that the timing is not the best at the current moment for an IPO."

He said the company was excited by is performance, driven mainly by the "explosive growth" of the Kaspi.kz mobile app, which the company said drives engagement across its payments, marketplace and fintech platforms. 

He said the company also is seeing strong performance of the Kaspi.kz POS, which allows customers and merchants to do transactions directly from the app without a card.