One of Ukraine's two largest mobile operators, Kyivstar, has been valued at $2.21 billion. The preliminary valuation was made ahead of the initial public offering (IPO) on the Nasdaq stock exchange in New York.
This was reported by VEON, Kyivstar’s parent company.
Kyivstar will become the first Ukrainian company to have its shares listed on a U.S. stock exchange.
“Through the war, the Kyivstar team has succeeded in spearheading the resilience and rebuilding of Ukraine’s infrastructure while building the foundations of its future success as a leading digital services company in Ukraine. The progress towards Kyivstar’s listing will allow us to share this growth story with global investors. With our highly experienced and motivated team, we look forward to completing the Business Combination with Cohen Circle to embark on the next phase of Kyivstar’s growth,” said Oleksandr Komarov, CEO of Kyivstar.
VEON will own at least 80% of the issued shares of the Kyivstar group of companies in circulation immediately after the closing of the business combination deal, which is expected to take place in the third quarter of 2025, subject to shareholder approval from Cohen Circle.
After completing its exit from Russia in 2023, VEON strengthened its ties with the U.S., particularly as part of its $1 billion investment plan for Ukraine through 2027.
In 2023, former U.S. Secretary of State Mike Pompeo, who served under the first Trump administration, joined Kyivstar’s board of directors.
The group, which owns leading telecommunications and fintech brands in six countries, including Pakistan and Ukraine, has entered into an exclusive partnership with Elon Musk’s Starlink to develop and provide direct-to-cellular connectivity in Ukraine.
“Kyivstar’s listing on Nasdaq will be more than a financial milestone—it will mark a defining moment for Ukraine’s economic future. As one of Ukraine’s largest private sector investors, VEON is proud to pioneer this historic step, offering U.S. and global investors a unique opportunity to support and participate in Ukraine’s economic growth and resilience,” said Augie K Fabela II, Chairman and Founder of VEON.
Kyivstar serves 24 million customers with fixed and mobile communication services in Ukraine. Its portfolio of consumer digital services includes the Helsi medical platform, with more than 28 million registered patients, and the Kyivstar TV streaming platform, with 2 million active users per month.
