Ukraine’s biggest telecoms operator Kyivstar expects to raise between $50 million and $200 million through a landmark stock market listing in New York this year, three sources familiar with the matter told Reuters.

Kyivstar will become the first Ukraine-based company listed on a U.S. stock exchange when it joins Nasdaq via fintech entrepreneur Betsy Cohen’s special purpose acquisition company (SPAC) Cohen Circle, thereby avoiding some of the complexities of a traditional initial public offering.

The Ukrainian company’s Dubai-based parent VEON has said the listing was expected by the third quarter of 2025 and that it will retain a minimum of 80% of the issued and outstanding shares of the telecoms business.

VEON has already secured $52 million in non-redemption agreements with institutional investors, representing the minimum it expects to raise, the sources said. The maximum could reach $200 million depending on redemptions.

While U.S. President Donald Trump continues his efforts to end the Russian war in Ukraine and Ukrainian counterpart Volodymyr Zelenskiy enlists support from Europe and NATO, VEON hopes the Kyivstar listing will help to stoke investor appetite for Ukrainian assets ahead of the country’s reconstruction.

VEON Chief Executive Kaan Terzioglu said after the company reported earnings last Thursday that it had extremely strong support for the Kyivstar listing from U.S. authorities, Ukraine and the European Union.

He dubbed the listing "the people’s IPO", expressing his hope that investors around the world show their support for Ukraine.

Telecoms group VEON, which exited the Russian market in 2023, had its corporate rights in Kyivstar restored by a Kyiv court last year after they had been seized over the previous involvement of sanctioned Russian individuals.

Kyivstar, which has been given a pro forma valuation of $2.21 billion (1.89 billion euros), is the market-leading mobile operator in Ukraine with 24 million subscribers. Its revenue and core profit have surged since Russia’s invasion, weathering cyberattacks and power outages during the conflict.

Cohen Circle and Kyivstar shareholders will hold separate meetings on Tuesday to vote on the planned listing, the final step before completing filings with the market regulator.

Activist investor Shah Capital, VEON’s fourth-largest shareholder with a 6.7% stake, told Reuters in an emailed statement that the IPO can be a success "in light of increased pressure on Russia to settle the conflict".

Shah had publicly urged VEON to pursue the Kyivstar listing before the telecoms group made the final decision to float its Ukrainian unit in the U.S. despite previous hints at London or Warsaw as possible venues.

Edison Group equity analysts Nick Paton and Dan Ridsdale said the deal’s narrative is built around Ukraine’s postwar reconstruction and digital infrastructure’s role in that recovery.

However, the move is not immune to risks, particularly geopolitical ones, they said.

"Though VEON has exited Russia, lingering concerns over legacy shareholder links and ongoing exposure to volatile jurisdictions may cap upside. Any re-emergence of reputational or compliance risks could reintroduce a governance discount," Paton and Ridsdale said in a note.