VEON reduces Kyivstar stake after $151 million secondary offering

VEON Ltd. (NASDAQ: VEON) announced that its subsidiary Kyivstar Group Ltd. (NASDAQ: KYIV) completed a secondary public offering of 14.375 million common shares at $10.50 per share, closing February 2, 2026.

The offering was oversubscribed by five times and included shares held by VEON Amsterdam B.V., VEON's principal shareholder, along with 400,000 shares from other selling shareholders. The transaction reduced VEON's ownership in Kyivstar to 83.6% from its previous stake.

VEON received net proceeds of $139.8 million after fees, which the company plans to use for general corporate purposes. The offering included the full exercise of underwriters' option to purchase an additional 1.875 million shares.

"We are very pleased to have opened up a further 6% of Kyivstar's share capital to international investors," said Kaan Terzioglu, VEON Group CEO and Executive Chairman of Kyivstar.

Kyivstar Group President Oleksandr Komarov said the offering demonstrates investor demand for Ukrainian companies, adding that the company remains committed to eventually allowing Ukrainian residents to invest in Kyivstar shares.

Morgan Stanley, Barclays, Cantor and Rothschild & Co served as joint book-running managers for the offering. Benchmark and Northland Capital Markets acted as co-managers.

The offering was conducted under a Form F-1 registration statement filed with the Securities and Exchange Commission on January 28, 2026, and declared effective January 29, 2026.

Kyivstar operates as Ukraine's digital operator and is the first Ukrainian company listed on a U.S. stock exchange, according to the press release.

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