Kyivstar Group Successfully Closes Secondary Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 03 2026
0mins
Should l Buy KYIV?
Source: Newsfilter
- Offering Size: Kyivstar Group successfully closed a secondary offering of 14.375 million shares at a price of $10.50 per share, demonstrating strong investor demand for innovative Ukrainian companies, with the offering being oversubscribed by five times, reflecting market confidence in the company.
- Shareholder Structure Change: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, which not only optimizes the shareholder structure but also provides flexibility for future capital operations, potentially attracting more investor interest.
- Underwriter Performance: Morgan Stanley, Barclays, Cantor, and Rothschild acted as joint underwriters, successfully facilitating the offering, showcasing their strong influence and expertise in the capital markets.
- Future Investment Plans: Kyivstar and VEON plan to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and strategic acquisitions, indicating the company's long-term commitment and growth potential in the Ukrainian market.
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Analyst Views on KYIV
Wall Street analysts forecast KYIV stock price to rise
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 11.770
Low
17.00
Averages
17.75
High
20.00
Current: 11.770
Low
17.00
Averages
17.75
High
20.00
About KYIV
Kyivstar Group Ltd is a United Arab Emirates based telecommunications Company. The Company and its subsidiaries provide services across mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, and digital TV. Cohen Circle Acquisition Corp I is a subsidiary of the Company, and its parent is VEON Amsterdam BV.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Kyivstar Connects 5 Million Users via Starlink Mobile Satellites
- User Connection Milestone: At MWC 2026, Kyivstar announced that 5 million customers have connected to its network via Starlink Mobile satellites, a significant achievement that not only enhances its market position in Ukraine but also showcases its leadership in integrating non-terrestrial networks globally.
- Emergency Communication Solution: Under wartime conditions, Kyivstar has successfully integrated satellite and terrestrial networks, enabling users to send and receive SMS even during power outages caused by attacks, providing crucial support for emergency responses in Ukraine.
- Commercial Application Expansion: Kyivstar is testing satellite connectivity in sectors such as agriculture, geodesy, and financial services, notably validating the feasibility of financial transactions via satellite in areas without terrestrial coverage in collaboration with Mastercard, significantly enhancing the accessibility and resilience of financial services.
- Future Development Plans: Kyivstar plans to launch light data services in 2026 to ensure stable operation of key services, primarily emergency and government services, in scenarios where terrestrial networks are unavailable, which will provide users with more reliable digital services during crises.
See More
Starlink Targets Broader Audience with Free Hardware Offering
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- Market Response: This move is seen as a response to Amazon's Kuiper's imminent launch, although Musk emphasizes that it is unrelated to Kuiper, indicating Starlink's intent to strengthen its global market penetration through cost reduction.
- Direct Connectivity Service: Starlink is also set to offer direct-to-cell connectivity in the EU following an agreement with Spanish telecom operator MasOrange, with initial trials commencing in Valladolid, Spain, further extending its service reach.
- Global Market Positioning: Musk highlighted that lowering costs will enable Starlink to serve economically disadvantaged users, especially in developing countries, which not only helps to increase the user base but also enhances the company's social responsibility and brand image.
See More
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- Acquisition Completed: VEON's subsidiary Kyivstar has completed the acquisition of the Ukrainian digital platform Tabletki.ua for $160 million, paid in Ukrainian hryvnia, further solidifying Kyivstar's market position in the digital healthcare sector.
- Significant Platform Impact: Tabletki.ua facilitates an average of 14 million medicine reservations per month, with a gross merchandise value of UAH 45 billion (approximately $1.06 billion) in FY2024, highlighting its critical role and user trust in accessing medications in Ukraine.
- Strong Financial Performance: As of September 30, 2025, Tabletki.ua reported LTM EBITDA of $24 million and net profit of $20 million, with the acquisition price reflecting a price to LTM earnings ratio of 8.0X, indicating sound financial rationale for the deal.
- Strategic Development Outlook: This acquisition integrates Tabletki.ua into Kyivstar's digital service portfolio, expected to accelerate the development of innovative healthcare services, enhancing accessibility for Ukrainians, aligning with VEON's long-term strategy to invest $1 billion in Ukraine.
See More
Starlink to Launch Direct-to-Cell Service in EU with MasOrange
- EU Pilot Launch: Starlink has signed a deal with Spanish telco MasOrange to initiate its direct-to-cell satellite internet service in Valladolid, Spain, marking its first pilot in the European Union.
- Technology Expansion: This partnership positions MasOrange as the first European telco to offer direct-to-device satellite connectivity after Ukraine's Kyivstar, further advancing Starlink's technology deployment in the region.
- Market Potential: Starlink's direct-to-cell technology is expected to enhance internet connectivity for users in remote areas, addressing the growing demand for high-quality internet services and presenting significant market expansion opportunities.
- Future Outlook: As Starlink expands in the EU, it is anticipated to attract more telecom companies, promoting the proliferation of satellite internet services and enhancing overall industry competitiveness.
See More
Kyivstar Completes Successful Secondary Offering of 14.375 Million Shares
- Offering Size and Pricing: Kyivstar successfully completed a secondary offering of 14.375 million shares at a price of $10.50 per share, raising approximately $139.8 million, which reflects strong market demand for Ukrainian digital operators.
- Oversubscription Details: The offering was oversubscribed by five times, indicating robust confidence from international investors in Kyivstar's growth potential, thereby expanding its investor base significantly.
- VEON Ownership Adjustment: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, resulting in net proceeds of $139.8 million for VEON, which plans to utilize these funds for general corporate purposes, enhancing its financial flexibility.
- Future Investment Commitment: Kyivstar and VEON aim to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development to drive local economic recovery, demonstrating a long-term commitment to the Ukrainian market.
See More
Kyivstar Group Successfully Closes Secondary Offering
- Offering Size: Kyivstar Group successfully closed a secondary offering of 14.375 million shares at a price of $10.50 per share, demonstrating strong investor demand for innovative Ukrainian companies, with the offering being oversubscribed by five times, reflecting market confidence in the company.
- Shareholder Structure Change: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, which not only optimizes the shareholder structure but also provides flexibility for future capital operations, potentially attracting more investor interest.
- Underwriter Performance: Morgan Stanley, Barclays, Cantor, and Rothschild acted as joint underwriters, successfully facilitating the offering, showcasing their strong influence and expertise in the capital markets.
- Future Investment Plans: Kyivstar and VEON plan to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and strategic acquisitions, indicating the company's long-term commitment and growth potential in the Ukrainian market.
See More
Kyivstar Connects 5 Million Users via Starlink Mobile Satellites
- User Connection Milestone: At MWC 2026, Kyivstar announced that 5 million customers have connected to its network via Starlink Mobile satellites, a significant achievement that not only enhances its market position in Ukraine but also showcases its leadership in integrating non-terrestrial networks globally.
- Emergency Communication Solution: Under wartime conditions, Kyivstar has successfully integrated satellite and terrestrial networks, enabling users to send and receive SMS even during power outages caused by attacks, providing crucial support for emergency responses in Ukraine.
- Commercial Application Expansion: Kyivstar is testing satellite connectivity in sectors such as agriculture, geodesy, and financial services, notably validating the feasibility of financial transactions via satellite in areas without terrestrial coverage in collaboration with Mastercard, significantly enhancing the accessibility and resilience of financial services.
- Future Development Plans: Kyivstar plans to launch light data services in 2026 to ensure stable operation of key services, primarily emergency and government services, in scenarios where terrestrial networks are unavailable, which will provide users with more reliable digital services during crises.
See More
Starlink Targets Broader Audience with Free Hardware Offering
- Price Reduction Strategy: Starlink has announced significant price cuts and will provide free hardware to distribution partners, aiming to attract a broader customer base, particularly in developing countries, thereby expanding market share and enhancing brand competitiveness.
- Market Response: This move is seen as a response to Amazon's Kuiper's imminent launch, although Musk emphasizes that it is unrelated to Kuiper, indicating Starlink's intent to strengthen its global market penetration through cost reduction.
- Direct Connectivity Service: Starlink is also set to offer direct-to-cell connectivity in the EU following an agreement with Spanish telecom operator MasOrange, with initial trials commencing in Valladolid, Spain, further extending its service reach.
- Global Market Positioning: Musk highlighted that lowering costs will enable Starlink to serve economically disadvantaged users, especially in developing countries, which not only helps to increase the user base but also enhances the company's social responsibility and brand image.
See More
VEON Acquires Tabletki.ua for $160 Million
- Acquisition Completed: VEON's subsidiary Kyivstar has completed the acquisition of the Ukrainian digital platform Tabletki.ua for $160 million, paid in Ukrainian hryvnia, further solidifying Kyivstar's market position in the digital healthcare sector.
- Significant Platform Impact: Tabletki.ua facilitates an average of 14 million medicine reservations per month, with a gross merchandise value of UAH 45 billion (approximately $1.06 billion) in FY2024, highlighting its critical role and user trust in accessing medications in Ukraine.
- Strong Financial Performance: As of September 30, 2025, Tabletki.ua reported LTM EBITDA of $24 million and net profit of $20 million, with the acquisition price reflecting a price to LTM earnings ratio of 8.0X, indicating sound financial rationale for the deal.
- Strategic Development Outlook: This acquisition integrates Tabletki.ua into Kyivstar's digital service portfolio, expected to accelerate the development of innovative healthcare services, enhancing accessibility for Ukrainians, aligning with VEON's long-term strategy to invest $1 billion in Ukraine.
See More
Starlink to Launch Direct-to-Cell Service in EU with MasOrange
- EU Pilot Launch: Starlink has signed a deal with Spanish telco MasOrange to initiate its direct-to-cell satellite internet service in Valladolid, Spain, marking its first pilot in the European Union.
- Technology Expansion: This partnership positions MasOrange as the first European telco to offer direct-to-device satellite connectivity after Ukraine's Kyivstar, further advancing Starlink's technology deployment in the region.
- Market Potential: Starlink's direct-to-cell technology is expected to enhance internet connectivity for users in remote areas, addressing the growing demand for high-quality internet services and presenting significant market expansion opportunities.
- Future Outlook: As Starlink expands in the EU, it is anticipated to attract more telecom companies, promoting the proliferation of satellite internet services and enhancing overall industry competitiveness.
See More
Kyivstar Completes Successful Secondary Offering of 14.375 Million Shares
- Offering Size and Pricing: Kyivstar successfully completed a secondary offering of 14.375 million shares at a price of $10.50 per share, raising approximately $139.8 million, which reflects strong market demand for Ukrainian digital operators.
- Oversubscription Details: The offering was oversubscribed by five times, indicating robust confidence from international investors in Kyivstar's growth potential, thereby expanding its investor base significantly.
- VEON Ownership Adjustment: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, resulting in net proceeds of $139.8 million for VEON, which plans to utilize these funds for general corporate purposes, enhancing its financial flexibility.
- Future Investment Commitment: Kyivstar and VEON aim to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technological development to drive local economic recovery, demonstrating a long-term commitment to the Ukrainian market.
See More
Kyivstar Group Successfully Closes Secondary Offering
- Offering Size: Kyivstar Group successfully closed a secondary offering of 14.375 million shares at a price of $10.50 per share, demonstrating strong investor demand for innovative Ukrainian companies, with the offering being oversubscribed by five times, reflecting market confidence in the company.
- Shareholder Structure Change: Following the offering, VEON's ownership in Kyivstar decreased to 83.6%, which not only optimizes the shareholder structure but also provides flexibility for future capital operations, potentially attracting more investor interest.
- Underwriter Performance: Morgan Stanley, Barclays, Cantor, and Rothschild acted as joint underwriters, successfully facilitating the offering, showcasing their strong influence and expertise in the capital markets.
- Future Investment Plans: Kyivstar and VEON plan to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure, technological development, and strategic acquisitions, indicating the company's long-term commitment and growth potential in the Ukrainian market.
See More
