VEON, the majority shareholder of Kyivstar Group, together with several other shareholders of the group, sold 14.375 million shares in a secondary public offering (SPO) at a price of $10.5 per share, for total proceeds of $150.9 million.

"The offering, which was five times oversubscribed, was completed on February 2, 2026, and included Kyivstar shares owned by VEON as well as 400,000 common shares held by certain other selling shareholders," the company said in a statement on Friday.

According to the statement, VEON's stake as a result of the SPO decreased from 89.6% to 83.6%.

"This successful offering demonstrates once again that there is investor demand for innovative, well-run Ukrainian companies like Kyivstar already today," the company quoted President and CEO Oleksandr Komarov as saying in the press release.

He added that the company is looking forward to the next stages in Kyivstar's development as a public company.

"We also remain committed to working towards our goal of making it possible for people in Ukraine, to have the chance to invest in Kyivstar," Komarov said.

As part of the offering, the underwriters immediately exercised an option to purchase an additional 1.875 million ordinary shares.

Morgan Stanley and Barclays acted as joint bookrunners and representatives of the underwriters, each placing 3.875 million shares excluding the option. Cantor placed 2.625 million shares, and Rothschild & Co. placed 875,000 shares. Benchmark, which was acquired by StoneX last year, and Northland Capital Markets acted as co-managers of the offering, placing 625,000 shares each.

Their underwriting fees amounted to $0.49875 per share, while additional SPO-related expenses totaled $0.5 million.

The announcement of the SPO led to a decline in Kyivstar shares on the Nasdaq exchange on Friday, January 30, with the stock falling 6.6% to $11.255 per share, although at one point it dropped as low as $10.81.

At the same time, on Tuesday, Kyivstar shares rose by 2.56% to $11.8 per share.

As reported, shares of Kyivstar Group, which owns Ukraine's largest telecommunications operator Kyivstar, began trading on Nasdaq in mid-August this year following the completion of a merger with SPAC company Cohen Circle. On the first day of trading under the ticker KYIV, the share price fell 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% fewer 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 by 20.4% compared with the third quarter of 2024, to $171 million, as revenue rose by 19.8% to $297 million.