Published by Global Banking & Finance Review®
Posted on March 18, 2025
2 min readLast updated: January 24, 2026
Add as preferred source on GoogleKyivstar, Ukraine's leading telco, plans a $2.21 billion IPO on Nasdaq, marking the first US listing for a Ukrainian company, despite market volatility.
By Gianluca Lo Nostro
(Reuters) - Ukraine's leading mobile operator Kyivstar is moving ahead with its planned U.S. listing, its parent VEON said on Tuesday, even as President Donald Trump's chaotic trade policy knocks confidence on Wall Street.
Kyivstar has been assigned a pro-forma valuation of $2.21 billion ahead of the initial public offering (IPO) in New York, VEON said in a statement.
The Nasdaq IPO is a sign of confidence in the U.S. market despite a four-week tumble caused by investors fretting over Trump's tariffs and the prospect of a U.S. recession.
Kyivstar will be the first Ukrainian company listed in the United States once fintech entrepreneur Betsy Cohen's special-purpose acquisition company (SPAC) completes the merger for the IPO.
The combination and the subsequent listing are expected in the third quarter of 2025. VEON will own a minimum of 80% of the issued and outstanding equity of Kyivstar, it said.
"We believe that Kyivstar's strong financial profile, visionary strategy and robust governance structure ... will be appealing to international investors," VEON's CEO Kaan Terzioglu said in the statement.
The decision to move forward with the listing also comes as Europe looks to ramp up support for Ukraine's defence and economy, fearing a U.S. pullback.
Shah Capital, an activist investor holding a 6.7% stake in VEON, had previously suggested Warsaw or London as IPO venues for Kyivstar before urging VEON to consider Nasdaq.
Terzioglu first announced Kyivstar might be listed in the U.S. in November.
After completing its exit from Russia in 2023, VEON has strengthened its U.S. ties, including as part of its $1 billion investment plan in Ukraine through 2027.
In 2023, former U.S. Secretary of State Mike Pompeo, who served under the first Trump administration, joined the board of Kyivstar.
The group, which owns leading telecoms and fintech brands in six countries including Pakistan and Ukraine, has an exclusive partnership with Elon Musk's Starlink to develop and provide direct-to-cell connectivity in Ukraine.
(Reporting by Gianluca Lo Nostro in Gdansk, editing by Milla Nissi)
The article discusses Kyivstar's planned $2.21 billion IPO on Nasdaq, marking a significant move for Ukraine's telecom industry.
Kyivstar's IPO is significant as it will be the first Ukrainian company listed in the US, showing confidence in the US market.
VEON will retain a minimum of 80% ownership of Kyivstar after the IPO.
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