Ukraine’s leading mobile operator, Kyivstar, aims to raise between $50 million and $200 million through a U.S. stock market listing, Reuters reported, citing undisclosed sources.
Serving 24 million subscribers, the company is set to become the first Ukraine-based firm to be listed on Nasdaq in the third quarter of 2025.
Kyivstar’s parent company, the international telecom group Veon, has announced it will retain at least 80% of the company’s shares after the listing.
According to Reuters, Kyivstar has already secured $52 million in investment commitments through non-redemption agreements with institutional investors. Previously, the market leader received a pro forma valuation of $2.21 billion.
Veon CEO Kaan Terzioglu said that Kyivstar’s Nasdaq debut could attract investor interest in Ukrainian assets as the country enters its post-war reconstruction phase.
Listing Structure
The listing will be carried out via Cohen Circle, a New York–based investment firm, using a SPAC (Special Purpose Acquisition Company) structure. This method offers a faster and more streamlined route to the public market compared to a traditional IPO.
In January 2025, Veon signed a letter of intent with Cohen Circle. Once the listing is complete, Kyivstar Group will become the parent company and trade on Nasdaq under the ticker symbol KYIV.
Recent Strategic Moves
- In March 2025, Kyivstar acquired ride-hailing service Uklon for $155 million, with plans to expand into new markets through Veon’s network.
- In December 2024, the company announced a partnership with SpaceX to offer access to the Starlink direct-to-cell service.
The listing has received backing from U.S., Ukrainian, and European Union authorities.
