Kyiv, August 11, 2025 – Kyivstar, Ukraine’s largest telecommunications operator, is poised to make history as the first Ukrainian company to list on a U.S. stock exchange, with a Nasdaq debut targeted for the third quarter of 2025. The company, valued at $2.21 billion, expects to raise between $50 million and $200 million through a merger with Cohen Circle Acquisition Corp. I, a special purpose acquisition company (SPAC) led by fintech entrepreneur Betsy Cohen. This landmark move, dubbed the “people’s IPO” by VEON CEO Kaan Terzioglu, aims to attract global investors to Ukraine’s economic potential amid ongoing reconstruction efforts and geopolitical challenges.
A Historic Milestone: Kyivstar’s Path to Nasdaq
Kyivstar’s listing, facilitated through a SPAC merger, bypasses the complexities of a traditional initial public offering (IPO), enabling faster access to U.S. capital markets. The deal, first announced in January 2025 via a letter of intent between VEON, Kyivstar’s Dubai-based parent company, and Cohen Circle, has progressed rapidly. On August 12, 2025, shareholders of both Cohen Circle and Kyivstar will vote on the merger, the final step before filing with the U.S. Securities and Exchange Commission (SEC). If approved, the transaction is expected to close by September 2025, with Kyivstar trading under the ticker “KYIV” and its warrants as “KYIVW.”
VEON, which exited the Russian market in 2023, will retain at least 80% of Kyivstar’s shares, ensuring control while offering investors a stake in Ukraine’s leading telecom with 24 million subscribers. The company has secured $52 million in non-redemption agreements from institutional investors, guaranteeing a minimum raise, with the potential to reach $200 million depending on investor demand. The listing’s valuation reflects Kyivstar’s robust financial performance, with revenue and core profit surging despite wartime challenges like cyberattacks and power outages.
Strategic Context: Ukraine’s Economic Resilience
Kyivstar’s Nasdaq debut is more than a corporate milestone; it’s a signal of Ukraine’s economic resilience amid Russia’s ongoing aggression. The listing aligns with VEON’s “Invest in Ukraine NOW!” campaign, aiming to draw global capital to support postwar reconstruction. VEON Chairman Augie Fabela II emphasized the move as a way to “open American and global markets for Ukraine,” highlighting Kyivstar’s role as a beacon for investment in a nation recovering from conflict.
The company’s growth into digital services, including Kyivstar TV (2 million users), ride-hailing platform Uklon (acquired 97% in 2025 for $155.2 million), and healthcare platform Helsi (5.1 million in revenue), diversifies its portfolio beyond telecom. Kyivstar’s big data and cloud services generated $11.2 million in 2024, nearly tripling from 2023, positioning it as a leader in Ukraine’s digital infrastructure. This expansion, coupled with a $712 million cash reserve as of March 2025, underscores its appeal to investors.
Geopolitical and Investor Support
The listing enjoys strong backing from U.S., Ukrainian, and European Union authorities, reflecting its geopolitical significance. Activist investor Shah Capital, VEON’s fourth-largest shareholder with a 6.7% stake, has championed the IPO, citing “increased pressure on Russia to settle the conflict” as a favorable backdrop. Shah’s support follows its earlier push for Kyivstar to list in the U.S., overriding previous considerations of London or Warsaw exchanges.
The deal also navigates Ukraine’s complex wartime context. A Kyiv court restored VEON’s corporate rights in Kyivstar in 2024 after their seizure due to prior links to sanctioned Russian individuals, clearing legal hurdles for the listing. Despite risks—geopolitical instability, potential cyberattacks, and Ukraine’s population decline due to the war—investors remain optimistic. Cohen Circle shares are trading at $13, above the initial $10–12 range, signaling strong market interest.
Economic and Market Implications
Kyivstar’s listing could catalyze foreign investment in Ukraine, where reconstruction costs are estimated at $486 billion by the World Bank. Edison Group analysts note the deal’s narrative ties to Ukraine’s digital recovery, though they caution that “lingering concerns over legacy shareholder links” and geopolitical volatility may cap valuation growth. The SPAC structure, while efficient, carries risks: if shareholders redeem excessively, the raise could fall closer to the $50 million minimum.
For Ukraine, the listing symbolizes economic defiance. Kyivstar’s 47% share of the communications market and investments of over 3.9 billion hryvnias ($95 million) in Q2 2025 demonstrate its stability. Its cloud services and 5G roaming partnerships with foreign operators further enhance its growth potential. However, military restrictions prevent Ukrainian citizens from investing directly, a point of frustration for VEON co-founder Ogi Fabela, who envisioned a broader “people’s IPO.”
Global Context: A Signal to Investors
The listing coincides with heightened global attention on Ukraine, as President Volodymyr Zelenskiy seeks Western support amid U.S. efforts to broker peace. On X, posts reflect enthusiasm, with @KyivIndependent noting Kyivstar’s debut as “proof Ukraine’s economy keeps thriving despite the war,” and @blingsabato highlighting its $2.6 billion market valuation. Conversely, @pennycheck tied the IPO to potential Russia-Ukraine air truce talks, suggesting a stabilizing geopolitical context.
Kyivstar’s move also parallels regional economic shifts. India’s recent overtake of China as the top U.S. smartphone supplier and its role in launching the NASA-ISRO NISAR satellite in July 2025 highlight the growing influence of emerging economies in global markets. While unrelated, these developments underscore a broader trend of diversifying economic and strategic partnerships amid U.S.-China tensions.
Challenges and Future Outlook
Risks loom, including Ukraine’s volatile environment and potential governance concerns tied to VEON’s past Russian affiliations. The SPAC merger carries financial penalties—if the deal fails, Kyivstar and Cohen Circle could lose $70 million. Yet, the listing’s success could pave the way for other Ukrainian firms, with VEON exploring similar moves for its Kyrgyzstan operations.
Kyivstar aims to derive 20% of profits from non-telecom sectors by year-end, with investments in e-health and advertising tech. Its partnership with Starlink for direct-to-cell satellite services, set for late 2025, further enhances its technological edge, ensuring connectivity in war-disrupted areas.
Conclusion: A Beacon for Ukraine’s Future
Kyivstar’s impending Nasdaq listing marks a historic first, positioning Ukraine on the global financial stage. As the first Ukrainian company to trade on a U.S. exchange, Kyivstar not only showcases the nation’s economic resilience but also invites global investors to bet on its digital future. Amid war and uncertainty, this “people’s IPO” stands as a testament to Ukraine’s ambition, signaling that even in crisis, its businesses can compete—and thrive—on the world stage.
