Ukraine’s biggest telecoms operator, Kyivstar, is set to become the first company based in the war-hit country to list in the U.S.
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According to a Reuters report, the company is expected to raise between $50 million and $200 million later this year.
SPAC Listing
The article stated that it would join the Nasdaq via fintech entrepreneur Betsy Cohen’s special purpose acquisition company (SPAC) Cohen Circle, thereby avoiding a traditional initial public offering (IPO) route.
Other major listings this year include CoreWeave (CRWV), Figma (FIG) and Circle Internet Group (CRCL).
The Ukrainian company’s Dubai-based parent VEON (VEON) has said the listing was expected by the third quarter of 2025 and that it will retain a minimum of 80% of the issued and outstanding shares of the telecoms business.
VEON has reportedly already secured $52 million in non-redemption agreements with institutional investors, representing the minimum it expects to raise. The maximum could reach $200 million depending on redemptions.
The move comes at a pivotal time for the country, which has been battered both economically and socially following the Russian invasion of its territory back in 2022.
U.S. President Donald Trump will meet the Russian leader Vladimir Putin in Alaska later this week potentially paving the way for a ceasefire and ultimately an end to the conflict.
Will the Conflict End?
VEON hopes the Kyivstar listing will help to stoke investor appetite for Ukrainian assets ahead of the country’s reconstruction.
VEON Chief Executive Kaan Terzioglu said after the company reported earnings last Thursday that it had extremely strong support for the Kyivstar listing from U.S. authorities, Ukraine and the European Union.
Indeed, he said that the listing was “the people’s IPO”, hoping that investors around the world would show their support for Ukraine.
Kyivstar, which is valued at around $2.21 billion, is the market-leading mobile operator in Ukraine with 24 million subscribers.
Edison Group equity analysts Nick Paton and Dan Ridsdale said the narrative around the deal was built around Ukraine’s postwar reconstruction and digital infrastructure’s role in that recovery.
However, investors will also likely question the strength of that recovery and the likelihood of any peace deal between Ukraine and Russia holding over the long-term.
What Other IPOs are on the Way?
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