Kyivstar Debuts on Nasdaq, Becoming the First Ukrainian Listing on the Market
Ukraine’s largest telecom operator raised $178 million in New York, marking Ukraine’s first step onto Wall Street and giving global investors direct access to the country’s recovery.
KYIV, Ukraine — 15 August 2025
Kyivstar, Ukraine’s leading mobile operator, has debuted on Wall Street with a $178 million raise through a Nasdaq listing under the ticker KYIV. The move makes it the first and only company operating exclusively in Ukraine to trade on a U.S. stock exchange, a milestone that offers international investors direct exposure to Ukraine’s economy at a time when capital for reconstruction is urgently needed.
The listing was completed through a merger with Cohen Circle Acquisition Corp., a New York–based special purpose acquisition company. Parent company VEON, which also trades on Nasdaq, retains an 89.6 percent stake in Kyivstar. Shares fell more than 9 percent in early trading, valuing the company at roughly $2.6 billion, but the debut underscores growing investor appetite for Ukrainian assets despite geopolitical risk.
Kyivstar President and CEO, Oleksandr Komarov, described the IPO as a landmark for both the company and the country.
“Our public market debut is a defining moment not only for the company, but for the entire Ukrainian business community. The Nasdaq listing enhances the company’s international recognition and underscores the strength and resilience of a leading Ukrainian business. It sends a powerful signal to global investors that Ukraine is home to efficiently managed, high-performing, and innovative companies” (translated from Ukrainian).
He thanked employees, customers, VEON, and investors, adding that global capital can now directly participate in Ukraine’s recovery. “Entering the public market is more than investment. It is access to global capital, liquidity, and recognition on the world stage,” he said (translated from Ukrainian).
Kyivstar will formally mark its debut with the Nasdaq Opening Bell ceremony in New York on Aug. 29. VEON Chairman and Founder Augie Fabela said in a statement that the ticker KYIV “will symbolize the opportunity to invest in Ukraine and to be part of the country’s economic recovery.” VEON and Kyivstar have committed to investing $1 billion in Ukraine between 2023 and 2027, spanning infrastructure, technology development, acquisitions, and social initiatives.
The company’s path to the public markets mirrors its rapid diversification beyond core telecom. In addition to serving nearly 23 million mobile customers and more than 1.1 million broadband users, Kyivstar has built a digital ecosystem that includes Helsi, an e-health platform with over 29 million registered users; Kyivstar TV, a streaming service; and Uklon, the country’s leading ride-hailing and delivery platform acquired this year for $155 million. Through its Kyivstar.Tech unit, the group also develops software and partners with international firms, including a recent collaboration with Starlink to test satellite-based mobile connectivity.
Kyivstar’s IPO underscores the transformation of Ukraine’s corporate sector from domestic survival to global capital integration. While its near-term stock performance may be volatile, the listing sets a precedent for other Ukrainian firms seeking to raise funds internationally and signals that Ukraine’s economy, even under the strain of war, is moving onto the global investment stage.
