VEON open to further Kyivstar mobile operator share offerings on market – CEO

Telecommunications holding VEON, the majority shareholder of Kyivstar Group with an 83.6% stake, will remain open to further offerings of Kyivstar shares on the market given the shortage of such investment instruments for investors, said Kaan Terzioglu, president of VEON and chairman of Kyivstar’s supervisory board.

"We are running a campaign called ‘Invest in Ukraine Now.’ There are not many investment instruments in the world for people from the Western community – the United States and Europe – to take part in the phenomenal opportunity of Ukraine’s reconstruction," Terzioglu said during a conference call on Kyivstar’s 2025 financial results on Friday.

At the same time, he noted that VEON is well aware of the rules of the U.S. regulator, the U.S. Securities and Exchange Commission, and will therefore comply with all requirements when such opportunities arise.

The head of Kyivstar’s supervisory board recalled that during the secondary public offering of 14.375 million shares (SPO) at $10.5 per share at the end of January this year, which reduced VEON’s stake from 89.6% to 83.6%, demand exceeded supply fivefold.

Regarding the readiness of the Ukrainian company to issue securities on the domestic market, Terzioglu said that one of Kyivstar’s responsibilities as one of the largest enterprises in Ukraine is to contribute to the development of capital markets in the country.

"If we see an opportunity to take the initiative here, create transparency and establish best practices in the country, I would actually encourage my team to consider issuing local bonds. I think that would be an innovative step for the country, and I would support it," the VEON CEO said.

"It’s not that we necessarily need cash to run the business or for investments, but I believe this is a responsibility in terms of developing capital markets," added the chairman of Kyivstar’s supervisory board. According to the company’s financial statements, Kyivstar had UAH 19.32 billion in cash on hand as of the end of 2025.

"We have already stated that an IPO (in Ukraine) is one of our goals. We are exploring the opportunities, but let’s say it is still too early to consider this issue in more detail," said Oleksandr Komarov, CEO and president of Kyivstar.

Following the publication of its 2025 financial results, which exceeded analysts’ expectations, Kyivstar’s share price rose 8.7% on Friday to $11.1 per share. At the same time, it had fallen 12.4% the previous day.

As reported, Kyivstar served 22.4 million mobile subscribers and 1.2 million fixed broadband subscribers under its Home Internet service as of the end of 2025. In 2025, the company increased EBITDA by 30% to UAH 27 billion while revenue grew by 30.3% to UAH 48.2 billion. In the fourth quarter of last year alone, EBITDA rose by 23.1% to UAH 7.2 billion as revenue increased by 30.1% to UAH 13.5 billion.