On August 15, Kyivstar Group Ltd. announced the completion of its initial public offering on the NASDAQ stock exchange. Kyivstar shares are now available for trading under the ticker symbol KYIV.
Kyivstar has become the first and currently the only company with a business focused entirely on Ukraine whose shares are traded on the US stock exchange.
At the time of closing the business combination agreement, VEON owns 89.6% of Kyivstar Group Ltd. shares.
The listing was made possible by a merger with Cohen Circle. This company is a so-called SPAC (special purpose acquisition company), which was previously traded on Nasdaq under the ticker CCIRU.
SPACs are explicitly created to merge with existing companies and thus bring them to the stock market. This serves as an alternative to the traditional but much more complex process of an initial public offering (IPO).
