The largest Ukrainian mobile operator, "Kyivstar," is preparing for a listing on the Nasdaq stock exchange in New York, hoping to raise between $50 and $200 million.

According to Reuters, VEON, the parent company of Kyivstar, has already secured $52 million from institutional investors, which is the minimum target amount.

The listing is expected by the end of the third quarter of 2025, and VEON will retain at least 80% of its telecommunications business shares. The total amount raised could reach $200 million depending on the stock buyback.

"VEON hopes that the listing of Kyivstar will spark investor interest in Ukrainian assets ahead of the country’s recovery," the report states.

VEON's CEO, Kaan Terzioglu, stated after the company’s recent financial report that the listing of Kyivstar enjoys strong backing from the governments of the USA, Ukraine, and the EU. He referred to it as a "people’s IPO," expressing hope that investors worldwide will support Ukraine.

The agency also noted that Kyivstar, valued at $2.21 billion, is the leading mobile operator in Ukraine with 24 million subscribers, and the company’s revenue and core profit have sharply increased after the full-scale invasion by Russia, despite facing cyberattacks and power supply disruptions during the war.

Analysts from Edison Group, Nick Peyton and Dan Reedsdale, emphasized that the upcoming deal is centered around Ukraine’s post-war recovery and the role of digital infrastructure in this process. They also pointed out that the move is not without risks.

"Although VEON has exited the Russian market, concerns regarding ties to former shareholders and reliance on unstable jurisdictions may limit growth potential," said Edison Group analysts. If the IPO is successful, Kyivstar will become the first Ukrainian company listed on the American stock exchange.

It is worth noting that VEON was founded in Moscow in 1992 under the name "VimpelCom." It was one of the first Russian mobile operators and later expanded its operations to other countries, including Ukraine, Pakistan, Kazakhstan, and Bangladesh, currently servicing around 160 million customers. In Ukraine, VEON owns the brand "Kyivstar." According to Bloomberg, about 48% of VEON's shares are owned by LetterOne Investment Holdings, founded by Russian billionaire Mikhail Fridman, who is under EU and UK sanctions.