The Nasdaq debut follows the completion of Kyivstar’s business combination with Cohen Circle Acquisition Corp. I.
Kyivstar (KYIV), Ukraine’s largest mobile telecommunications provider, marked a milestone on Friday as its shares began trading on the Nasdaq Stock Market.
KYIV stock fell more than 14% from the opening price of $14, marking a weak debut for the first-ever Ukrainian company to list on a U.S. exchange. The shares were trading at around $12 at the time of writing.
“It will be a good example for the Ukrainian big businesses to consider listing as one of the ways to attract international capital and to change their status,” Kyivstar’s CEO Oleksandr Komarov told The Wall Street Journal.
Kyivstar’s U.S. ties have grown throughout the ongoing conflict between Ukraine and Russia. The company appointed former U.S. Secretary of State Mike Pompeo to its board last year. Earlier this week, it announced plans to launch Direct-to-Cell connectivity in the fourth quarter (Q4) in partnership with Elon Musk’s Starlink.
The Nasdaq debut follows the completion of Kyivstar’s business combination with Cohen Circle Acquisition Corp. I (CCIR), a special purpose acquisition company (SPAC), announced on Thursday. Kylivstar’s parent company, Veon (VEON), retains an 89.6% stake in the firm.
Veon’s stock fell more than 1% in midday trade, but retail sentiment on Stocktwits trended in ‘bullish’ territory amid ‘high’ levels of chatter.
Ahead of the merger close, Kyivstar secured $52.3 million in cash commitments from institutional investors, required for the business combination. The merger is expected to close during the third quarter (Q3) of 2025 and is subject to the approval of Cohen Circle’s shareholders and other customary closing conditions.
The listing coincides with a closely watched summit in Alaska between U.S. President Donald Trump and Russian President Vladimir Putin, viewed as a potential turning point for peace negotiations.
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