(Reuters) – Kyivstar mobile operator became the first Ukrainian company listed in the United States on Friday with its IPO (IPO) on the NASDAQ, and its Director General Oleksandr Komarov said that Russia is considerably increasing its valuation.

The IPO coincides with a summit expected later Friday between American President Donald Trump and Russian President Vladimir Putin in Alaska, a meeting followed closely by Ukraine and European countries as a possible turning in the peace negotiations.

“We will be the best asset for the International Investor Community wishing to invest in Ukraine, Ukrainian revival, and support for Ukraine,” Oleksandr Komarov told Reuters.

Despite the optimism of Oleksandr Komarov, the Kyivstar title dropped from 9.3% to 11.5 dollars (9.82 euros) around 1:59 p.m. GMT during the first exchanges. In June, the group estimated its pro formal valuation at $ 2.26 billion, based on a course of $ 10.35 and without share buybacks.

Oleksandr Komarov warned that the first weeks of Kyivstar rating would be very volatile, the unstable environment being already integrated into its valuation.

Activist investor Shah Capital, who will indirectly hold more than 6% of Kyivstar, informed Reuters in an email which he always expects that “significant part of the frozen Russian funds is used to rebuild Ukraine in this current peace process”.

Strengthen links with the United States

Oleksandr Komarov said that the company had chosen the Nasdaq, where its parent company Veon is also listed, rather than London or Warsaw, because it was even more important to “strengthen the link between the United States and Ukraine rather than between Ukraine and Europe”.

The company deepened its links with the United States during the conflict, appointing former US Secretary of State Mike Pompeo to its board of directors and by signing an agreement with Elon Musk Starlink for satellite services.

Kyivstar is the main mobile operator in Ukraine with 24 million subscribers. Founded in 1994, it became a subsidiary of Veon in 2010.

Veon presented this rating as an opportunity for foreign investors to bet on the reconstruction of Ukraine. However, its success depends in part on the conclusion of a peace agreement.

Kyivstar has ranged by merging with the specialized acquisition company (SPAC) of the Entrepreneur in Fintech Betsy Cohen. The company has raised $ 178 million. Reuters had previously reported that Kyivstar expected up to an amount of up to $ 200 million.

Veon has retained majority participation in the mobile operator.

(Written by Gianluca Lo Nostro and Leo Marchandon, Elena Smirnova, edited by Kate Entringer)

Copyright © 2025 Thomson Reuters