Kyivstar Group, which owns Ukraine’s largest telecommunications operator Kyivstar, has announced a secondary public offering (SPO) totaling $131m, with the option to increase the deal size to nearly $151m. As part of the offering, 12.5 million shares will be placed on the market at a price of $10.5 per share. The sale is being conducted by existing shareholders, including the majority owner VEON, while the company itself is not issuing new shares and is not raising additional capital.
The selling shareholders have also granted underwriters a standard 30-day option to purchase an additional 1.875 million shares at the offering price. If the option is fully exercised, the total number of shares sold will increase to 14.375 million, bringing the overall SPO size to approximately $150.9m. The offering is expected to close on February 2, 2026.
Shares of Kyivstar Group have been trading on Nasdaq since August 2025, following the completion of its merger with the SPAC company Cohen Circle. On the first day of trading, the company’s shares, traded under the ticker KYIV, declined by 7.4% to close at $11.52, implying a market capitalization of approximately $2.44bn. As a result of the SPAC transaction, VEON received 206.94 million shares, retaining control over Kyivstar Group with an 89.6% stake.
The operator’s financial performance has exceeded expectations. According to preliminary unaudited results for 2025, Kyivstar increased revenue and adjusted EBITDA by 24–26% in US dollar terms compared to the previous year. Capital expenditures are expected to amount to 29–31% of revenue, reflecting active investments in network development. The company noted that these results surpassed the prior guidance published alongside its third-quarter 2025 financial statements. VEON’s management expects the positive momentum to continue not only at Kyivstar but across the entire group.
The SPO is being organized by leading investment banks. Morgan Stanley, Barclays, Cantor, and Rothschild & Co are acting as joint bookrunners and underwriter representatives, while Benchmark and Northland Capital Markets are participating as co-managers.
The market reacted to the SPO announcement with a decline in the company’s share price. On the day the news was released, Kyivstar Group shares on Nasdaq fell by 6.6% to $11.255, briefly dropping as low as $10.81 during trading, reflecting the typical market impact of an increase in share supply.
