Ukraine’s largest mobile operator, Kyivstar, is preparing for its first listing on the Nasdaq, with plans to raise between $50 million and $200 million later this year.
Parent company VEON has already secured $52 million from institutional backers, marking the minimum fundraising target. The final amount will depend on investor demand.
Kyivstar’s market entry will take place through a merger with Cohen Circle, a special purpose acquisition company (SPAC), valuing the business at $2.2 billion. The transaction is expected to be finalized in the third quarter of 2025, although some industry sources suggest completion could happen much sooner.
An important step comes on August 12, when shareholders will vote on the SPAC deal. Among VEON’s major investors, Shah Capital has been a consistent supporter of separating Kyivstar into its own publicly traded entity.
If successful, the IPO will mark the first time a Ukrainian company lists on a U.S. stock exchange — a notable milestone for the country’s corporate sector.
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