The co-founder of Kyivstar’s parent company looks to sell shares of the Ukrainian mobile operator.

VEON, which owns Kyivstar and plans to indirectly list the company on the US NASDAQ stock exchange this year, initially wanted to also offer shares within Ukraine. However, regulatory obstacles are hindering this, according to VEON co-founder Ogi Fabela.

“My dream is to turn Kyivstar into a people’s IPO. We face regulatory challenges in achieving this, but we are ready to collaborate with the Ukrainian government and financial sector. We want Ukrainians to have access to investment opportunities,” he stated.

Kyivstar CEO Oleksandr Komarov confirmed that Fabela envisioned offering shares both in Ukraine and the US simultaneously. He noted that Ukraine lacks a platform for IPOs. “Hence, we are exploring ways to connect NASDAQ-listed shares to Ukraine,” Komarov explained.

He mentioned that before the war, this could have been done via a special procedure approved by the National Securities Commission. However, this option is currently unavailable due to currency restrictions introduced during martial law, as the securities are denominated in foreign currency.