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Malaysia blocks rare earth exports to attract downstream investment
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Kyivstar, Ukraine’s largest telecoms operator, has become the first Ukrainian company to trade on Nasdaq after completing a merger with Cohen Circle Acquisition Corp. I, a special purpose acquisition company.
The deal was approved on August 12 and closed on August 15, with shares beginning trading the same day under the ticker “KYIV.”
Kyivstar had aimed to raise between $50mn and $200mn, ultimately securing $178mn. Shares opened at $14 before falling to $11.5.
The listing structure allowed Kyivstar to access US capital markets without a traditional initial public offering. VEON holds 89% of Kyivstar post-listing, plans gradual reduction to 80%. The proceeds will go towards VEON’s $1bn commitment to rebuild Ukraine’s telecoms sector between 2023 and 2027, of which around $700mn has already been deployed.
Kyivstar operates more than 16,000 sites and over 60,000 base stations, serving about 23mn mobile users and 1.1mn fixed broadband subscribers. Despite the war, the company continues to expand its network nationwide.
The operator has also become the first in Europe to test Starlink’s direct-to-cell technology. Starlink has conducted a direct-to-cell test with SMS sent via regular phones in Zhytomyr region using no special equipment. Kyivstar was leading the rollout in Eastern Europe, with commercial messaging expected by the end of 2025 and broadband in 2026.
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