Kyivstar sold part of its shares on Nasdaq: what is known
4 February 12:45
The share of the largest shareholder of mobile operator Kyivstar has decreased as a result of a secondary public offering of shares on the US Nasdaq stock exchange. This involves the sale of securities of Kyivstar Group Ltd., which is the parent company of the Ukrainian operator. This was reported on the company’s official website, according to "Komersant Ukrainian".
Details of the secondary offering
During the secondary public offering on Nasdaq, 14.38 million ordinary shares of Kyivstar Group Ltd. were sold at a price of $10.5 per share.
The majority of the shares were sold by Veon Amsterdam B.V., the main shareholder of Kyivstar. Some of the shares were also sold by other minority investors.
How the ownership structure changed
- After the deal was completed, Veon’s stake in Kyivstar Group Ltd. decreased:
- before placement — 89.6%
- after placement — 83.6%
Thus, Veon retained a controlling stake but reduced its presence in the company’s capital.
Who controls Veon
Veon’s largest shareholder is LetterOne Holdings, which owns 45.5% of the shares. The founders of LetterOne are former shareholders of Alfa Group, including Mikhail Fridman.
The company emphasizes that back in February 2022, Fridman was removed from any management and business processes at LetterOne and Veon. His assets in LetterOne are frozen in accordance with financial sanctions imposed by the US and the UK.
Kyivstar’s assets and business
Kyivstar remains the largest mobile operator in Ukraine. In addition to its telecommunications business, the company owns a number of digital assets:
- Helsi, the country’s largest medical information system;
- Uklon, a leading online car booking service.
In addition, the company is considering the acquisition of Tabletki.ua, the largest pharmacy price aggregator in Ukraine.
How Kyivstar went public on Nasdaq
In August 2025, Kyivstar Group Ltd. became a public company by going public on Nasdaq through a merger with Cohen Circle, a special purpose acquisition company (SPAC) that was already trading on the stock exchange.
This move was one of the largest entries of a Ukrainian business into international financial markets.
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