Kyivstar celebrates NASDAQ bell-ringing ceremony in Kyiv
Ukraine's largest mobile operator Kyivstar celebrated its first bell ringing on Nasdaq after becoming the first Ukrainian company in history to list on the exchange earlier last month.
"This moment is more than symbolic — it is a powerful testament to innovation, resilience, and partnership, it's a historic milestone," Kyivstar's CEO Oleksandr Kamarov said in New York at the ceremony, live-streamed to a celebration in central Kyiv.
The bell ringing took place at the Nasdaq headquarters in New York City on Aug. 29, with Ukraine's Prime Minister Yuliia Svyrydenko and Presidential Office Head Andriy Yermak in attendance.
Kyivstar, owned by the Dubai-headquartered telecoms group Veon, has operated in the country for 27 years, and dominates the Ukrainian telecoms market with more than 24 million subscribers and over 1.1 million broadband subscribers.
Dodging early nationalization threats at the start of the full-scale invasion linked to its Russian shareholder, Kyivstar has expanded into new sectors since 2022, acquiring the medical tech platform Helsi and Ukraine's most popular ride-hailing service Uklon this year.
The company signed an agreement with Elon Musk's Starlink for direct-to-cell service in December 2024.
"I believe that these past two weeks — since Kyivstar entered the international market — have shown that even in wartime, it is possible to grow, launch new services, create value for all stakeholders, and thereby increase the company’s capitalization," Kamarov said.
In March, Veon announced a deal with special purpose acquisition company Cohen Circle to list Kyivstar on Nasdaq.
Kyivstar officially began trading on the exchange on Aug. 15 under the ticket KYIV.
Stocks surged in Kyivstar's first three trading sessions, driven in part by investor hopes for peace talks, although the share price has largely stabilized.
Since going public, Kyivstar’s valuation has increased by more than 20%, roughly $600–700 million, Komarov said, adding that "it’s volatile, but I believe this is still an undervaluation."
Digital services now account for over 10% of revenue and are growing rapidly, some over 50–200% year-on-year, Kamarov added.
The CEO, alongside Veon CEO Kaan Terzioglu, said that the historic listing is an investment not only into Kyivstar but Ukraine's long-term recovery and reconstruction. Rebuilding costs are already put at more than $500 billion, according to the World Bank, but other estimates have said they could exceed $1 trillion.
Kyivstar announced that together with Veon, the two companies are planning on investing $1 billion in Ukraine over 2023–2027 through investments in infrastructure and technological development, charitable donations, and strategic acquisitions.
"What matters most are the next 25 years we will build together. That’s why we say: invest in Ukraine now — not tomorrow, now — so that together we can build the wealthiest, happiest, and safest country in Europe over the next 25 years," Terzioglu said at the event.
