Ukraine’s largest digital operator Kyivstar marked its historic debut on the Nasdaq Stock Market on August 29, becoming the first Ukrainian company to trade on a US exchange, in a move its executives and government officials said underlined the country’s resilience and reconstruction ambitions, Nasdaq said in a press release.

The opening bell ceremony featured Kyivstar president Oleksandr Komarov, members of its board, Ukrainian Prime Minister Yuliia Svyrydenko, the head of the president’s office Andriy Yermak and Economy Minister Oleksii Sobolev, alongside parent company VEON Ltd. and invited investors.

“Kyivstar is privileged to serve as an example of how Ukrainian businesses combine resilience with development and growth,” Komarov said. “This week, as the flagbearer of Ukraine in US stock markets, we set an example for our peers in Ukraine and accelerate the conversation with US and global investors for opportunities that Kyivstar and Ukraine present. We look forward to carrying this conversation further and into action.”

The bell-ringing capped a week of activities in New York that spotlighted Kyivstar’s listing and wider opportunities for investors in Ukraine’s war-hit but determined economy.

“For me, there's nothing more special than what we're doing right here in New York with Kyivstar and for Ukraine,” said Augie K Fabela II, chairman and founder of VEON. “This week’s engagements demonstrated once again the strong interest not only in Kyivstar’s successful business, but in the opportunity to invest in Ukraine and participate in the country’s rebuilding and recovery.”

VEON, which is listed on Nasdaq, is the parent company of Kyivstar and operates digital and telecom services across five countries, serving about 160mn customers.

“Kyivstar’s listing on Nasdaq is a major milestone for VEON, but this week’s engagements have been so much more than that,” added VEON Group CEO and Kyivstar board chairman Kaan Terzioglu. “This is also about Ukraine putting its flag up here in New York, at the heart of global business and finance, and saying ‘we are here to grow’. We look forward to creating more value for all our stakeholders – our company, investors and Ukraine itself.”

The ceremony followed a series of investor-focused events during the week. VEON and Kyivstar convened a meeting with more than 160 participants both in person and online, followed by the first “Invest in Ukraine, NOW!” US-Ukraine Business Symposium.

The symposium gathered senior American and Ukrainian business leaders, investors and officials to discuss Ukraine’s innovation ecosystem, the resilience of its economy during the war and the potential of its reconstruction. At all events, including the Nasdaq bell-ringing, participants observed a moment of silence for victims of recent attacks on Ukraine.

A symbol of resilience

The Odesa-headquartered company, which has operated in Ukraine for more than 27 years, serves 22.4mn mobile customers and 1.1mn home internet subscribers. Its services span 4G, digital TV, cloud computing, cybersecurity and big data. Together with VEON, Kyivstar plans to invest $1bn in Ukraine between 2023 and 2027 in infrastructure, social projects, technological upgrades, charitable initiatives and acquisitions.

For Ukraine’s government, the listing is being framed as a powerful symbol. Officials accompanying Kyivstar executives in New York described the step as an important signal that the country’s businesses can continue to thrive and attract foreign investment despite the strains of war.

“Selling the story of Ukraine as an investable country is as critical as securing support from partners,” Svyrydenko said.

Analysts welcomed the listing as an unprecedented step for a Ukrainian company, but noted the risks. A financial analyst quoted by GuruFocus said the move could “enhance visibility and attract investors”, while cautioning that “investors should be mindful of the geopolitical risks and market volatility that could impact the company’s performance”. 

For VEON and Kyivstar, the listing is intended not only as a capital markets event but also as a diplomatic and economic milestone. By securing a place on the Nasdaq, Kyivstar becomes the first Ukrainian investment opportunity available to American equity investors.

Executives emphasised the dual role of the listing – to raise capital and to anchor Ukraine more firmly within global markets. “This is about confidence, both in Kyivstar as a business and in Ukraine’s future,” Terzioglu said.

Kyivstar’s management also pointed to its role in maintaining critical connectivity during the war, helping Ukraine’s businesses and citizens remain linked through mobile and fixed networks despite heavy damage to infrastructure. The company has invested in backup energy, satellite redundancy and cybersecurity since 2022.

With its US market debut, Kyivstar hopes to leverage international capital for expansion while reinforcing its position as a pillar of Ukraine’s digital economy. Investors, meanwhile, face a choice between betting on Ukraine’s eventual recovery or holding back amid the uncertainties of a protracted war.

As VEON chairman Fabela put it: “This week has been about showing that even in the toughest circumstances, Ukraine is open for business and growth. That is the message we brought to Wall Street.”