Kyivstar, Ukraine’s largest telecommunications operator, expects to raise between $50 million and $200 million in its historic listing on the NASDAQ stock exchange, which is scheduled for this year. This would make Kyivstar the first company with an operating center in Ukraine to list on the US stock exchange. Reuters reported this on Monday, August 11, citing sources.
The listing will take place indirectly — through a merger with Cohen Circle, a specialized private equity company (SPAC), which is already traded on NASDAQ. Kyivstar’s parent company, VEON, will retain at least 80% of the shares.
According to sources, VEON has already secured support from institutional investors who have agreed not to sell their shares, worth $52 million. This guarantees a minimum amount of investment, while the maximum can reach $200 million. The estimated value of Kyivstar under the deal is $2.21 billion.
VEON hopes that the listing of Kyivstar will revive investor interest in Ukrainian assets on the eve of the country’s future reconstruction.
At the same time, Edison Group analysts note that the deal is not without risks, primarily geopolitical ones.
