Sources familiar with the matter indicated on August 11, 2025, that Ukraine's largest telecoms operator, Kyivstar, expects to raise between $50 million and $200 million through its landmark stock market listing in New York this year. This listing will make Kyivstar the first Ukraine-based company on a U.S. stock exchange.
Kyivstar is joining Nasdaq via fintech entrepreneur Betsy Cohen's special purpose acquisition company (SPAC), Cohen Circle, which helps avoid some complexities of a traditional initial public offering. The listing is expected by the third quarter of 2025.
VEON, Kyivstar's Dubai-based parent company, has stated it will retain a minimum of 80% of the issued and outstanding shares of the telecoms business post-listing. This capital raise will support Kyivstar's continued investment in Ukraine's digital infrastructure and services.
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