Kyivstar makes historic Nasdaq debut as first Ukrainian listing
Kyivstar, Ukraine's leading mobile operator, became the first Ukrainian company to list on a U.S. stock exchange, the company announced on Aug. 15.
Shares of the telecommunications giant now trade on Nasdaq under the ticker KYIV.
Kyivstar's listing provides global investors with direct access to Ukrainian business and the country's economic recovery — crucial for rebuilding following Russia's full-scale invasion.
At the close of the business combination, parent company Veon holds an 89.6% stake in Kyivstar Group Ltd., according to the company's press release.
Previously, Veon said it would retain a minimum of 80% of the issued and outstanding shares of the telecommunications business.
The company said Kyivstar has already secured at least $52 million in commitments, with hopes to raise $200 million through the Nasdaq listing.
The market-leading operator previously received a pro forma valuation of $2.21 billion.
The public offering of Kyivstar shares will take place following the official Nasdaq Opening Bell ceremony scheduled for Aug. 29 in New York, the company announced.
"Our public market debut is a defining moment not only for the company, but for the entire Ukrainian business community," said Kyivstar CEO Oleksandr Komarov in a press release.
The company took a decisive step on July 12 toward listing after investors in special purpose acquisition company (SPAC) Cohen Circle Acquisition Corp. announced the merger with the Ukrainian firm, changing the name to Kyivstar.
Kyivstar chose to go public through a merger with the New York-registered SPAC company to simplify and accelerate the process of entering the U.S. stock exchange.
Kyivstar, owned by telecoms group VEON, dominates Ukraine's market with more than 24 million subscribers.
The company is actively scaling up operations. In March, it acquired ride-hailing service Uklon for $155 million after expanding its portfolio with medical tech platform Helsi in 2022.
On Aug. 12, Kyivstar successfully tested Starlink's Direct to Cell satellite technology, which enables text messages sent directly from smartphones via satellite. The company hopes to launch the service to the public in the fall of 2025.
