Ukraine’s largest mobile operator Kyivstar will list on the Nasdaq stock exchange in the US this year and could raise between $50 million and $200 million in investment. This will be the first time a Ukrainian company has listed on a US stock exchange.
Ukraine’s largest mobile operator Kyivstar will list on the Nasdaq stock exchange in the US this year and could raise between $50 million and $200 million in investment. This will be the first time a Ukrainian company has listed on a US stock exchange.
According to Reuters, the offering will take place through a merger with Cohen Circle, a special purpose company (SPAC), founded by fintech entrepreneur Betsy Cohen. This format will avoid the complexities of a traditional IPO. Kyivstar’s parent company, Dubai-based VEON, will retain at least 80% of the shares after the deal.
VEON has already signed non-placement agreements worth $52 million with institutional investors, which is the minimum guaranteed amount of funds raised. If demand exceeds expectations, the maximum amount could reach $200 million. VEON CEO Kaan Terzioglu called the event a «people’s IPO» and highlighted the support from the US, Ukrainian and EU governments.
Kyivstar is valued at $2.21 billion. The operator serves about 24 million subscribers and has maintained strong financial performance even during the war, withstanding cyberattacks and power outages. Active investor Shah Capital, which owns 6,7% of VEON, believes that entering the US market could be successful amid pressure on Russia to end the war.
Edison Group experts note that the deal fits into the broader context of Ukraine’s post-war recovery and the development of its digital infrastructure. At the same time, they warn of risks, including geopolitical ones, that could limit potential capitalization growth.
We also previously wrote about how Kyivstar customers can now use fifth-generation mobile Internet abroad. The option works without additional settings or changes in the tariff, and 5G networks are available thanks to cooperation with foreign operators.
