Kyivstar seeks up to $200 million in Nasdaq debut as first Ukrainian listing, Reuters reports
Kyivstar, the leading Ukrainian mobile operator, expects to raise between $50 million and $200 million through a U.S. stock exchange listing, Reuters reported Aug. 11, citing its undisclosed sources.
The telecom company, which serves 24 million subscribers in Ukraine, will become the first Ukraine-based company listed on Nasdaq. The debut is expected by the third quarter of 2025.
Veon, the mobile operator's parent company, previously said it would retain a minimum of 80% of the issued and outstanding shares of the telecommunications business.
Kyivstar has already secured at least $52 million in commitments, as Veon entered into non-redemption agreements with institutional investors for that amount, according to Reuters. Previously, the market-leading operator received a pro forma valuation of $2.21 billion.
The parent company hopes that Ukraine's leading mobile operator joining Nasdaq will help generate investor interest in Ukrainian assets ahead of the country's reconstruction efforts.
A final shareholder meeting regarding the planned listing between Kyivstar and Cohen Circle, a New York-based investment firm, is reportedly scheduled for Aug. 12.
Kyivstar's listing will occur through Cohen Circle, a special purpose acquisition company (SPAC) created to acquire businesses for public market entry. In January 2025, Veon signed a letter of intent with Cohen Circle to simplify the public offering compared to a standard IPO (initial public offering).
Kyivstar Group will then become the parent company and trade on Nasdaq under the ticker KYIV.
Kyivstar and Cohen Circle, a New York-based investment firm, are expected to hold separate shareholder meetings on Aug. 12 to approve the planned listing, marking the final step before submitting filings to regulators.
The listing has garnered support from U.S., Ukrainian, and European Union authorities, Reuters said, citing Veon Chief Executive Kaan Terzioglu.
Kyivstar acquired ride-hailing service Uklon for $155 million in March, planning expansion into new markets through Veon's network.
In December 2024, the operator announced a partnership with Elon Musk's SpaceX to access Starlink's direct-to-cell service.
