Ukrainian Telecom Company Kyivstar Makes Nasdaq Debut Amid War in Ukraine

Kyivstar Group Ukraine, Ukraine's largest mobile operator, went public on the Nasdaq through a merger with a SPAC. The stock has gained popularity among retail investors hoping for a peace deal between Russia and Ukraine. As the war rages on, investors are taking a gamble on the company's potential growth in a post-conflict scenario.

Title: Kyivstar Group's Nasdaq Listing: A Strategic Bet on Ukraine's Digital Future

Kyivstar Group, Ukraine's largest mobile operator, has made significant strides towards its goal of becoming the first Ukrainian company to list on the Nasdaq exchange. The company's journey to the public market began with a merger with Cohen Circle Acquisition Corp., a special purpose acquisition company (SPAC) based in the United States.

On August 12, 2025, shareholders at Cohen Circle voted to approve the $2.2 billion merger with Kyivstar, paving the way for the Ukrainian telecommunications giant to list on the Nasdaq [1]. This move is expected to enhance Kyivstar's international recognition and underscore the strength and resilience of Ukrainian businesses, as noted by Kyivstar President Oleksandr Komarov [2].

The merger, initially announced in March, will see Kyivstar trade on Nasdaq under the ticker symbol 'KYIV'. The company anticipates raising between $50 million and $200 million in this landmark listing, which is set to take place in the third quarter of 2025 [1]. Kyivstar's parent company, Veon, owns a minimum of 80 percent of the issued and outstanding equity of Kyivstar Group immediately following the closing of the business combination [1].

Kyivstar's listing is more than just a financial transaction; it is a geopolitical and technological milestone. With 24 million customers and 29 million users on its Helsi healthcare platform, Kyivstar dominates Ukraine's digital services sector [3]. The company's recent acquisition of Uklon, Ukraine's leading ride-hailing and delivery platform, further solidifies its position in the digital economy. The merger with Cohen Circle, approved by shareholders with a low redemption rate of 25.4%, signals strong institutional confidence in the company's growth prospects [3].

The Ukrainian government's aggressive digitalization agenda creates a fertile environment for Kyivstar's expansion. The Diia City regime, introduced in 2025, offers tax incentives and open banking regulations to attract tech firms, while a $524 billion reconstruction plan allocates significant funds to digital infrastructure [3]. Kyivstar's Diia app, serving 22 million users, is expanding into e-governance and SME digitalization, positioning the company to lead deep-tech and AI-driven finance projects.

Investors are taking a gamble on Kyivstar's potential growth in a post-conflict scenario, as the war between Russia and Ukraine continues. The company's strategic depth, including infrastructure upgrades and cybersecurity measures funded by VEON, ensures continuity even in conflict zones [3]. The $22.9 billion Ukraine Facility funding, disbursed in August 2025, provides a safety net for digital reforms, including cybersecurity and smart infrastructure [3].

The Q3 2025 Nasdaq listing offers a rare opportunity to access a high-growth emerging market at a discount. With a pro-forma valuation of $2.21 billion and a projected 7–8% annual growth in Ukraine's digital sector, Kyivstar represents an undervalued pure-play. The company's Multiplay customer base and 10.3 million digital monthly active users highlight its scalability, making it an attractive investment for those seeking exposure to Ukraine's digital transformation.

References

[1] https://www.datacenterdynamics.com/en/news/kyivstar-edges-closer-to-nasdaq-listing-via-spac-merger-with-cohen-circle/
[2] https://www.kyivpost.com/post/58203
[3] https://www.ainvest.com/news/kyivstar-nasdaq-listing-strategic-gateway-ukraine-digital-economy-2508/