Kyivstar wants to raise $200 million by entering the Nasdaq stock exchange

The largest Ukrainian mobile operator Kyivstar plans to raise from $50 to $200 million during its listing on the Nasdaq stock exchange in New York this year.

As Reuters reports, citing sources, the operator’s parent company, VEON, has already secured $52 million in agreements with institutional investors. This is the minimum amount that is planned to be raised.

The listing is expected by the end of the third quarter of 2025. At the same time, VEON will retain at least 80% of the shares of the telecom business. The maximum amount of funds raised may reach $200 million depending on the buyback of shares.

According to the agency’s sources, VEON expects that the listing of Kyivstar will fuel investors’ interest in Ukrainian assets amid preparations for the country’s post-war recovery.

VEON CEO Kaan Terzioglu noted that the listing received “extraordinarily strong support” from the US, Ukrainian and EU authorities. He called it a “people’s IPO” and expressed hope that investors around the world would support Ukraine.

The agency also recalls that Kyivstar is valued at $2.21 billion and is the largest mobile operator in Ukraine — with 24 million subscribers. Despite cyberattacks and power outages during the war, the company’s revenue and key profit indicators have increased significantly since the full-scale Russian invasion.

Edison Group analysts Nick Payton and Dan Ridsdale believe that the upcoming listing is built around the theme of Ukraine’s recovery and the role of digital infrastructure in this process. However, they say it is not immune to risks: despite VEON’s exit from the Russian market, concerns about ties to former shareholders and dependence on unstable jurisdictions could limit growth potential.

If successful, Kyivstar would become the first Ukrainian company on the US stock exchange.