Kyivstar conducts a $131.3 mln SPO with upside to $150.9 mln, shares fall 6.6%
Kyivstar Group announced a secondary public offering (SPO) of 12.5 million shares at a price of $10.5 per share, with the sellers being majority shareholder VEON and several other shareholders.
"In connection with the Offering, the Selling Shareholders have granted the underwriters a 30-day option to purchase up to an additional 1.875 million common shares at the public offering price, less underwriting discounts and commissions," the statement said. As a result, the SPO may be increased to 14.375 million shares for a total amount of $150.9 million.
The offering is expected to close on February 2, 2026.
Morgan Stanley, Barclays, Cantor, and Rothschild & Co. are acting as joint bookrunners and representatives of the underwriters for the offering, while Benchmark, which was acquired last year by StoneX, and Northland Capital Markets are acting as co-managers of the offering.
The issuer itself is not selling any shares as part of the SPO.
The announcement of the SPO led to a decline in Kyivstar's share price on the Nasdaq on Friday by 6.6%, to $11.255 per share, although at one point the shares fell as low as $10.81.
As reported, shares of Kyivstar Group, which owns Ukraine's largest telecommunications operator Kyivstar, began trading on the Nasdaq in mid-August this year following the completion of a SPAC transaction with Cohen Circle. On the first day of trading under the ticker KYIV, the share price declined by 7.4%, to $11.52, corresponding to a market capitalization of $2.437 billion.
As a result of the merger, VEON received 206,942,440 shares of Kyivstar Group, or 89.6%.
In the third quarter of 2025, Kyivstar served 22.5 million mobile subscribers, which is 3.6% less than a year earlier, while the number of 4G customers increased by 2.4%, to 15 million.
In the third quarter of 2025, the company increased EBITDA compared to the third quarter of 2024 by 20.4%, to $171 million, amid revenue growth of 19.8%, to $297 million.
