Kyivstar Completes Nasdaq Stock Sale; Veon Cuts Stake
February 8, 2026, 3:38 pm
Location: Netherlands, North Holland, Amsterdam
Employees: 10001+
Founded date: 1992
Total raised: $320M
Kyivstar Group, Ukraine's top telecom, completed a major secondary public offering on Nasdaq. Existing shareholders, including majority owner Veon, sold 14.38 million shares. This reduced Veon's stake to 83.6%. The move raised $150.9 million, following Kyivstar's August 2025 SPAC listing. Despite market volatility, Kyivstar shows strong financial growth. It also expands into digital health services. Its ultimate ownership structure, tied to sanctioned entities, remains a focus for investors watching the company's trajectory and market positioning. This offering underscores its strategic growth amid a challenging geopolitical landscape.
Kyivstar Group finalized its secondary public offering on Nasdaq. This move signals a significant development for the leading Ukrainian telecom. Majority shareholder Veon reduced its ownership stake. This offering builds on Kyivstar's Nasdaq debut in 2025. It highlights the company's active financial strategy.
The secondary public offering concluded successfully. It involved the sale of 14.38 million ordinary shares. Each share traded at $10.5. The transaction’s total value reached approximately $150.9 million. This figure includes the full exercise of an over-allotment option.
Veon Amsterdam B.V., the primary selling entity, decreased its holdings. Its stake in Kyivstar now stands at 83.6%. Veon previously held an 89.6% share. Other smaller shareholders also participated in the offering. Importantly, Kyivstar Group did not issue new shares. The company did not raise fresh capital. This was a monetization event for existing owners.
Kyivstar maintains its position as Ukraine's largest mobile operator. Its market dominance is clear. The company exhibits robust financial performance. Preliminary unaudited data for 2025 reveals strong growth. Revenue and adjusted EBITDA increased by 24-26%. This growth is year-over-year in dollar terms. Capital expenditures are substantial. They account for 29-31% of total revenue. This reflects continuous investment in network expansion. These financial metrics surpassed earlier forecasts. The company's operational strength is evident.
Kyivstar extends beyond traditional telecom services. It actively diversifies its business portfolio. The company owns Helsi. Helsi operates as Ukraine's largest medical information system. It also controls Uklon, a leading ride-hailing platform. Future expansion plans are well-defined. Kyivstar may soon acquire Tabletki.ua. This would add Ukraine's largest pharmacy price aggregator to its assets. The company aims to be a comprehensive digital services provider.
Kyivstar Group commenced trading on Nasdaq in August 2025. This was achieved through a merger with Cohen Circle. Cohen Circle is a specialized acquisition company, or SPAC. Kyivstar Group shares trade under the ticker KYIV. Initial trading experienced a downturn. Shares fell 7.4% on their debut day. They closed at $11.52. This placed the market capitalization at $2.44 billion. The recent SPO price of $10.5 reflects market adjustments.
Veon serves as Kyivstar's majority owner. Veon itself possesses a complex ownership structure. LetterOne Holdings controls 45.5% of Veon. LetterOne's founders include Mikhail Fridman. Fridman has faced international sanctions. These sanctions were imposed by the U.S. and U.K. Veon asserts Fridman is detached from all management. His assets in LetterOne are reportedly frozen. This separation has been in place since February 2022. The company emphasizes its operational independence. It navigates a complex geopolitical landscape. This ownership background remains under close investor review.
The market responded to the SPO announcement. Kyivstar shares declined on Nasdaq. They fell 6.6% to $11.255. Prices temporarily dipped to $10.81 during trading. This mirrors typical investor reactions. An increase in share supply often leads to price moderation.
Several prominent investment banks managed the offering. Morgan Stanley, Barclays, Cantor, and Rothschild & Co acted as co-bookrunners. They also served as representatives for the underwriters. Benchmark and Northland Capital Markets participated as co-managers. This broad participation underscores the deal's significance.
Kyivstar's latest stock offering represents a new strategic phase. It enables existing shareholders to realize value. It also redefines Veon's ownership position. The company maintains robust financial fundamentals. Its diversification strategy is ambitious. Kyivstar is a critical player in Ukraine's digital economy. It continues to grow amid challenging conditions. Its Nasdaq presence provides global market visibility. Investors closely monitor its progress. The company's resilience is a hallmark.
Kyivstar Group finalized its secondary public offering on Nasdaq. This move signals a significant development for the leading Ukrainian telecom. Majority shareholder Veon reduced its ownership stake. This offering builds on Kyivstar's Nasdaq debut in 2025. It highlights the company's active financial strategy.
The secondary public offering concluded successfully. It involved the sale of 14.38 million ordinary shares. Each share traded at $10.5. The transaction’s total value reached approximately $150.9 million. This figure includes the full exercise of an over-allotment option.
Veon Amsterdam B.V., the primary selling entity, decreased its holdings. Its stake in Kyivstar now stands at 83.6%. Veon previously held an 89.6% share. Other smaller shareholders also participated in the offering. Importantly, Kyivstar Group did not issue new shares. The company did not raise fresh capital. This was a monetization event for existing owners.
Kyivstar maintains its position as Ukraine's largest mobile operator. Its market dominance is clear. The company exhibits robust financial performance. Preliminary unaudited data for 2025 reveals strong growth. Revenue and adjusted EBITDA increased by 24-26%. This growth is year-over-year in dollar terms. Capital expenditures are substantial. They account for 29-31% of total revenue. This reflects continuous investment in network expansion. These financial metrics surpassed earlier forecasts. The company's operational strength is evident.
Kyivstar extends beyond traditional telecom services. It actively diversifies its business portfolio. The company owns Helsi. Helsi operates as Ukraine's largest medical information system. It also controls Uklon, a leading ride-hailing platform. Future expansion plans are well-defined. Kyivstar may soon acquire Tabletki.ua. This would add Ukraine's largest pharmacy price aggregator to its assets. The company aims to be a comprehensive digital services provider.
Kyivstar Group commenced trading on Nasdaq in August 2025. This was achieved through a merger with Cohen Circle. Cohen Circle is a specialized acquisition company, or SPAC. Kyivstar Group shares trade under the ticker KYIV. Initial trading experienced a downturn. Shares fell 7.4% on their debut day. They closed at $11.52. This placed the market capitalization at $2.44 billion. The recent SPO price of $10.5 reflects market adjustments.
Veon serves as Kyivstar's majority owner. Veon itself possesses a complex ownership structure. LetterOne Holdings controls 45.5% of Veon. LetterOne's founders include Mikhail Fridman. Fridman has faced international sanctions. These sanctions were imposed by the U.S. and U.K. Veon asserts Fridman is detached from all management. His assets in LetterOne are reportedly frozen. This separation has been in place since February 2022. The company emphasizes its operational independence. It navigates a complex geopolitical landscape. This ownership background remains under close investor review.
The market responded to the SPO announcement. Kyivstar shares declined on Nasdaq. They fell 6.6% to $11.255. Prices temporarily dipped to $10.81 during trading. This mirrors typical investor reactions. An increase in share supply often leads to price moderation.
Several prominent investment banks managed the offering. Morgan Stanley, Barclays, Cantor, and Rothschild & Co acted as co-bookrunners. They also served as representatives for the underwriters. Benchmark and Northland Capital Markets participated as co-managers. This broad participation underscores the deal's significance.
Kyivstar's latest stock offering represents a new strategic phase. It enables existing shareholders to realize value. It also redefines Veon's ownership position. The company maintains robust financial fundamentals. Its diversification strategy is ambitious. Kyivstar is a critical player in Ukraine's digital economy. It continues to grow amid challenging conditions. Its Nasdaq presence provides global market visibility. Investors closely monitor its progress. The company's resilience is a hallmark.