Kyivstar Plans Historic $50–200M Nasdaq Listing in US

Kyivstar, Ukraine's largest telecom operator, is set to become the first Ukraine-based company to list on a U.S. stock exchange, aiming to raise between $50 million and $200 million through a Nasdaq listing by the third quarter of 2025. The listing will be conducted via fintech entrepreneur Betsy Cohen's special purpose acquisition company (SPAC) Cohen Circle, allowing Kyivstar to bypass the complexities of a traditional initial public offering. Kyivstar's parent company, Dubai-based VEON, will retain at least 80% ownership and has already secured $52 million in non-redemption agreements with institutional investors. The move is supported strongly by U.S., Ukrainian, and European Union authorities and is viewed as a symbolic 'people's IPO' to encourage global investor confidence in Ukraine's reconstruction after the Russian invasion. Kyivstar, valued at approximately $2.21 billion and serving 24 million subscribers, has maintained growth despite war-related challenges such as cyberattacks and infrastructure damage. Shareholder approvals are scheduled to finalize the listing process, signaling a significant milestone for Ukraine's digital economy amid ongoing geopolitical tensions.