Kyivstar Prices 12.5M-Share Secondary Offering at $10.50

Existing Kyivstar shareholders sell shares, with closing expected on February 2 and an underwriter option for additional shares.

Jan. 29, 2026 at 8:55pm

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Kyivstar Group Ltd., Ukraine's leading digital operator, announced the pricing of a public offering of 12,500,000 common shares by its principal shareholder VEON Amsterdam B.V. and certain other selling shareholders at a price of $10.50 per share. The company itself is not selling any shares in the offering. The offering is expected to close on February 2, 2026, subject to customary closing conditions, with the underwriters granted a 30-day option to purchase up to an additional 1,875,000 common shares.

Why it matters

This secondary offering by existing Kyivstar shareholders provides an opportunity for them to monetize a portion of their holdings in the company, which has been listed on the Nasdaq exchange since its initial public offering. The successful pricing of the shares at $10.50 each suggests continued investor demand for Kyivstar's stock, even as the company itself is not raising any new capital through this transaction.

The details

The joint book-running managers and representatives of the underwriters for the proposed offering are Morgan Stanley, Barclays, Cantor, and Rothschild & Co. Benchmark, a StoneX Company, and Northland Capital Markets are acting as co-managers. The offering is being made through a prospectus that has been filed with and declared effective by the U.S. Securities and Exchange Commission.

  • The offering is expected to close on February 2, 2026, subject to customary closing conditions.
  • The registration statement on Form F-1, including a prospectus, relating to the offering was filed on January 28, 2026 and declared effective on January 29, 2026.

The players

Kyivstar Group Ltd.

A Nasdaq-listed holding company that operates JSC Kyivstar, Ukraine's leading digital operator and the first Ukrainian company to list on a U.S. stock exchange. Kyivstar's companies provide a broad range of connectivity and digital services.

VEON Amsterdam B.V.

The principal shareholder of Kyivstar Group Ltd. and one of the selling shareholders in the secondary offering.

Morgan Stanley

One of the joint book-running managers and representatives of the underwriters for the proposed offering.

Barclays

One of the joint book-running managers and representatives of the underwriters for the proposed offering.

Cantor

One of the joint book-running managers and representatives of the underwriters for the proposed offering.

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What’s next

The offering is expected to close on February 2, 2026, subject to customary closing conditions. The underwriters also have a 30-day option to purchase up to an additional 1,875,000 common shares.

The takeaway

This secondary offering by existing Kyivstar shareholders demonstrates continued investor interest in the company's stock, even as Kyivstar itself is not raising any new capital through the transaction. The successful pricing of the shares at $10.50 each suggests the market views Kyivstar as an attractive investment opportunity.