Kyivstar shares to be placed on NASDAQ in Q3 - Komarov
The placement of part of the shares of the largest mobile operator Kyivstar on the Nasdaq Stock Market LLC (NASDAQ) stock exchange will probably take place in the third quarter, believes Kyivstar CEO Oleksandr Komarov.
"The optimistic, aggressive term (for listing Kyivstar shares on the NASDAQ exchange) is the beginning of the third quarter," Komarov told the Interfax-Ukraine agency on the sidelines of the Global Outlook: Enduring Change discussion organized by the European Business Association in Kyiv on Wednesday.
The listing process is a complex procedure that consists of many steps, Komarov noted. According to him, the speed of the process will be influenced by the decisions of the U.S. Securities and Exchange Commission.
The CEO of Kyivstar declined to specify the size of the free float package. He emphasized that the parent company VEON will remain the controlling shareholder.
According to a source of the Interfax-Ukraine agency, the placement of 15-20% on the stock exchange is being considered.
Earlier, it was reported that the global digital operator VEON announced the signing of a protocol of intent to place part of Kyivstar shares on Nasdaq Stock Market LLC with the special purpose asset acquisition company Cohen Circle Acquisition Corp (CCIRU).
VEON has already begun the separation process, having submitted a proposal for separation and accompanying documents to the Netherlands Chamber of Commerce on Monday. The reorganization is expected to be completed by March 2025. The company also received consent for its actions from holders of bonds maturing in 2027.
Kyivstar is the largest mobile operator in Ukraine, serving about 24 million subscribers. The company's digital services portfolio includes the Helsi digital medical platform with a registered base of 28 million users, the Kyivstar TV film and television platform.
Kyivstar is a leading provider of corporate services in Ukraine, supporting Ukrainian businesses with cloud, cybersecurity and artificial intelligence solutions. The company is also known as a player with rapid development in the software market through its Kyivstar Tech division.