- Kyivstar became the first Ukrainian company to go public in the U.S. through a SPAC merger.
- The listing raised $178 million in proceeds, with only 25% of investors redeeming their shares.
- The debut highlights strong investor confidence and Ukraine’s economic resilience amid geopolitical uncertainty.
A Landmark Entry into Wall Street
In August 2025, Kyivstar Group achieved a historic milestone by becoming the first Ukrainian company to secure a listing on a major U.S. exchange. The telecom leader merged with Cohen Circle Acquisition I, a SPAC backed by veteran financier Betsy Cohen, and began trading on the NASDAQ under the ticker KYIV.
The deal defied market headwinds, as only a quarter of investors exercised redemption rights, leaving the company with $178 million in net proceeds. In an era where most de-SPACs face redemption levels above 90%, Kyivstar’s outcome stands as a testament to both its strong fundamentals and market appetite for exposure to emerging-market growth stories.
Kyivstar’s Market Position and Financial Foundation
Kyivstar operates as the leading telecommunications provider in Ukraine, serving over 24 million mobile subscribers and more than one million fixed-line customers. The company is a subsidiary of VEON, a Dubai-headquartered telecom group with a global footprint.
Ahead of the transaction, Kyivstar was assigned a pro-forma valuation of roughly $2.2 billion, underscoring its scale and profitability. In fiscal year 2024, the company generated $919 million in revenue, essentially flat compared with the prior year, with an adjusted EBITDA margin of 56% and a net profit margin of 31%.
Momentum picked up significantly in the first half of 2025, with revenues accelerating 37% year-over-year in constant currency, reflecting renewed consumer spending and robust digital adoption in Ukraine.
Defying the SPAC Redemption Trend
Kyivstar’s de-SPAC performance has attracted attention across Wall Street. While most SPAC deals in recent years have been hampered by mass redemptions, Kyivstar achieved a redemption rate of just 25%. This low level of withdrawals allowed the company to retain a substantial cash cushion, bolstering its balance sheet for expansion initiatives.
Betsy Cohen’s reputation as a trusted sponsor further enhanced credibility. With a track record that includes successful listings of Payoneer and Perella Weinberg Partners, Cohen’s involvement reassured investors and helped Kyivstar distinguish itself from weaker transactions in the crowded SPAC landscape.
Innovation and Strategic Expansion
Kyivstar is not merely a telecom operator; it is positioning itself as a digital transformation leader in Ukraine. The company has announced plans to integrate Starlink Direct-to-Cell services by late 2025, providing satellite-powered mobile coverage to underserved and rural areas.
Additionally, Kyivstar is working closely with Ukraine’s Ministry of Digital Transformation on the development of a national large language model (LLM) to support AI-driven innovation and digital infrastructure. Its portfolio of services already extends beyond connectivity, including healthcare platforms such as Helsi, entertainment through Kyivstar TV, and partnerships with ride-hailing and payment providers.
These initiatives underscore Kyivstar’s ambition to evolve from a legacy telecom provider into a comprehensive digital ecosystem, blending connectivity with innovation in health, finance, and entertainment.
Symbolism Beyond Finance
Kyivstar’s NASDAQ debut carries significance beyond corporate finance. At a time when Ukraine continues to face geopolitical turbulence, the listing represents a powerful statement of resilience, stability, and international integration.
For investors, the stock provides a rare opportunity to gain exposure to a company operating at the heart of Ukraine’s economic recovery, while also offering stable cash flows and growth potential. For Ukraine, the listing signals renewed access to global capital markets — a critical component in rebuilding the economy and attracting foreign investment.
Outlook: A Growth Story in the Making
Looking forward, Kyivstar’s performance will depend on its ability to sustain subscriber growth, accelerate digital monetization, and deliver on its innovation pipeline. Satellite-powered connectivity, AI-driven platforms, and new consumer services hold the potential to transform the company into a regional technology powerhouse.
Yet challenges remain. Regulatory risks, currency volatility, and geopolitical instability continue to weigh on Ukraine’s operating environment. Investor sentiment toward emerging-market equities can also shift quickly. Nonetheless, Kyivstar’s strong margins, market dominance, and forward-thinking initiatives provide a foundation for optimism.
Conclusion
Kyivstar’s listing on NASDAQ is more than just a corporate event — it is a milestone of resilience and confidence. By raising $178 million with redemption levels far below industry norms, Ukraine’s telecom leader has set a precedent for how emerging-market companies can leverage SPACs to access international capital. With its blend of scale, profitability, and innovation, Kyivstar is positioned not only as a dominant telecom operator but also as a symbol of Ukraine’s broader economic revival.
