Interest in the roadshow being held by Kyivstar, Ukraine’s largest telecommunications operator, and its parent company VEON, has been several times higher than expected, according to Ogi K. Fabel II, CEO and founder of VEON, in an interview with Interfax-Ukraine.
“We held dozens of meetings with investors to tell the story of Kyivstar, and there were many more meetings than we had originally planned… There are many investors who believe in and want to be part of this because they see the profits and are attracted by the protection of full transparency of public listing,” he said.
Fabela disagreed with the view that investor interest in Ukraine has declined recently due to the protracted war.
“Our experience shows enormous interest and enthusiasm… We see great interest in exploring opportunities from investors who understand the situation:
they want to invest in Ukraine not only to help, but also because they see business prospects for themselves,” said the founder of VEON.
Kyivstar CEO Alexander Komarov emphasized that the company discloses all security risks, but almost three and a half years of war have proven the resilience of the team, the business, and Ukraine as a whole.
“Kyivstar’s history is very successful. And we want to be an example to others that even in times of war, it is still possible to run a profitable business, not only in our sector, but also in many other sectors, such as energy, construction, defense technologies — there are many opportunities for successful investments… We are telling the world: look at the extraordinary nature of what can be done in Ukraine. And all this during a war, so imagine what amazing opportunities there would be in peacetime, when the economy would be more vibrant,” said Fabel.
He specified that on the way to listing Kyivstar on NASDAQ, it remains to obtain approval from the US Securities and Exchange Commission (SEC), which reviews all submitted documents, roadshows, and the process of meetings with shareholders.
“Everything is going according to plan, and by the end of this year, we should be ready to complete the listing preparation process… Kyivstar’s indirect listing, which we hope will take place this year, is an opportunity to show the world that it is possible to do legal and profitable business in Ukraine,” the VEON CEO concluded.
As reported, in January 2025, VEON announced the signing of a memorandum of intent to list a portion of Kyivstar’s shares on the NASDAQ stock exchange. In mid-March, a Business Combination Agreement (BCA) was signed with Cohen Circle, a special purpose acquisition company (SPAC) listed on NASDAQ, for the indirect listing of Kyivstar on the exchange.
Kyivstar’s parent company will be Kyivstar Group Ltd, which will be registered on NASDAQ under the ticker symbol “KYIV” instead of Cohen Circle’s current ticker symbol (CIRR). VEON will own at least 80% of Kyivstar Group’s issued and outstanding capital. At the time of closing, Kyivstar was valued at $2.21 billion.
In mid-July, VEON and Cohen Circle announced the signing of non-redemption agreements (NRAs) totaling approximately $52.3 million with accredited institutional investors, including Helikon and Clearline.
At that time, it was noted that the listing was expected in the third quarter of this year. As of March 2025, Kyivstar served approximately 22.7 million mobile subscribers and more than 1.1 million Home Internet subscribers.
The company provides services using a wide range of mobile and fixed technologies, including 4G, Big Data, Cloud solutions, cyber security services, digital TV, etc., and has announced investments in new telecom technologies of $1 billion for 2023-2027.
VEON provides converged communications and digital services to nearly 160 million customers in six countries, home to more than 7% of the world’s population.
Kyivstar, Ukraine’s largest telecommunications operator, has announced the launch of its own cloud service for Ukrainian business users – Kyivstar Cloud.
“It is available to small, medium and large businesses, as well as public sector organizations,” the company said in a release on Tuesday.
According to Ilya Poltakov, Kyivstar’s director of new business development, the company sees a strong business demand for affordable solutions and believes that the new platform will enable customers to optimize IT infrastructure costs and scale their business quickly and securely.
According to the release, Kyivstar Cloud can be easily scaled. It has an affordable price, no traffic billing due to local placement, and supports hybrid and multi-cloud models: it can be combined with public and private clouds from different providers, such as Microsoft Azure or Amazon Web Services.
It is also noted that Kyivstar Cloud will provide an opportunity to independently create and administer a server, virtual machines, an environment for remote access to programs, host CRM, ERP and other systems, store company data, deploy or test software, etc.
According to the report, Kyivstar Cloud is built on Hewlett Packard Enterprise (HPE) edge-to-cloud servers.
“In the future, Kyivstar Cloud can become not only a business service but also a part of nationwide solutions for e-government, medical systems, educational platforms and other digital infrastructure services,” the release says.
“As of March 2025, Kyivstar served about 22.7 million mobile subscribers and more than 1.1 million Home Internet subscribers. The company provides services using a wide range of mobile and fixed technologies, including 4G, Big Data, Cloud solutions, cybersecurity services, digital TV, etc. and has declared investments in new telecom technologies in 2023-2027 of $1 billion.
Kyivstar’s shareholder is the international VEON Group, whose shares are listed on the NASDAQ stock exchange (New York).
Kyivstar, Ukraine’s largest telecommunications operator, has received permission from the National Commission for the State Regulation of Electronic Communications (NCCEC) to conduct test trials of Direct to Cell (D2C) satellite technology.
“During the testing, initial research will be conducted on the operation of SpaceX Direct to Cell technology, in particular the possibility of receiving text messages on 4G smartphones in Ukraine,” the company said in a press release on Wednesday.
Kyivstar notes that it is the first electronic communications operator in Europe to launch a new format of direct satellite communication with smartphones, alongside the US, Australia, Japan, and New Zealand.
The company notes that thanks to Direct to Cell, it plans to provide connectivity in so-called “white spots,” i.e., regions without traditional terrestrial mobile coverage, particularly in remote mountainous and rural areas.
This is especially important in times of war, when infrastructure may be damaged or power is unavailable.
It is noted that in the initial phase of implementation, the technology will allow subscribers to send text messages: users’ 4G/LTE phones will connect directly to a satellite in orbit without the need for additional equipment or software. The technology will work in open areas with a clear view of the sky.
“With this step, we are confirming our technological leadership and are proud to be among the first in the world to launch such an innovation… Our task at the testing stage is to take into account all technical aspects and make the service as convenient and accessible as possible for subscribers,” said Kyivstar CEO Alexander Komarov in the release.
It is noted that the company’s specialists will begin the first beta testing of the service in the summer of 2025 in selected regions of Ukraine, with wider access in test mode for subscribers expected in the fourth quarter of 2025.
Kyivstar recalled that the first registration of a Kyivstar SIM card in a satellite network was successfully completed in the US at the Starlink laboratory. This allowed the compatibility of the networks to be tested and technical readiness for pilot testing in Ukraine to be confirmed.
At the end of 2024, Kyivstar was the first in Europe to sign an agreement with Starlink, a division of SpaceX, to begin the implementation of Direct to Cell satellite communications in Ukraine.
As of March 2025, Kyivstar served approximately 22.7 million mobile subscribers and over 1.1 million Home Internet subscribers. The company provides services using a wide range of mobile and fixed technologies, including 4G, Big Data, Cloud solutions, cyber security services, digital TV, etc., and has announced investments in new telecom technologies of $1 billion during 2023-2027.
The share of revenue not from the core telecommunications business of Ukraine’s largest telecommunications operator Kyivstar, which will amount to about 20% by the end of this year, is expected to reach 50% in five years thanks to planned investments of $1 billion over the next three years, said Zoya Dronchkevich, Kyivstar’s business development director and member of the supervisory boards of Helsi.me and Uklon.
“In five years, we aim to have around 50% of the group’s revenue coming from non-telecom sources with our investments of around $1 billion over three years. That is our goal,” said Dronchkevich at the Forbes Money forum in Kyiv.
Among the areas of investment for Kyivstar, which this year acquired Uklon and bought out the minority stake in Helsi, she named healthcare, education, fintech, entertainment, and advertising.
“We have a number of interesting organic experiments that could grow into inorganic ones. And we have strategic bets on certain industries that will help us make up the missing percentage to achieve our goal,” added the business development director.
She also emphasized that the most important task is to increase revenue through synergies between these businesses.
“Our strategy is not to tell telecom companies what to do, but to give them access to capital, enable them to leverage synergies from telecom and the ecosystem, create new value, and scale Ukrainian products abroad,” Droshkevich described Kyivstar’s approach to cooperation with partners.
Commenting on the acquisition of up to 100% of Helsi, she said that this is not the last deal in the healthcare sector.
“We will definitely be developing healthcare for several years. And it will be a whole ecosystem in itself. In addition to being part of the larger Kyivstar ecosystem and galaxy,” the director emphasized.
According to her, this involves both the development of B2C areas, where customers will soon see new products in the Helsi app, and investments in B2B. “For example, a few months ago, we approved a separate investment in private clinics and will compete there as well,” said Dronshkevich, also mentioning medical insurance.
She added that the company is also investing in R&D for overseas expansion, and certain elements of the ecosystem will be expanded to the markets of VEON, Kyivstar’s parent company.
“We have already grown the second player in the entertainment market, OTT TV Kyivstar TV, and we will continue to develop this area.
We are definitely very interested in fintech, which fits very organically into the ecosystem. This is far from a simple story,” said the Kyivstar business development director, listing the next areas of focus. She clarified that in fintech, there is a choice between an organic and inorganic scenario.
Droshkevich also mentioned investments in delivery, where, thanks to the acquisition of Uklon, the company already has a few percent of revenue.
“Advertising Tech is also an area of interest for us, where our clients, our data, and the presence of our ecosystem are a competitive advantage for this business. And it will help it generate additional revenue,” the director noted.
According to her, Kyivstar is also interested in B2B SAS solutions and fundamental B2B infrastructure areas. She recalled that the operator has already become the largest Microsoft distributor in Ukraine, and this major strategic partnership will continue to develop.
Droshkevich also acknowledged Kyivstar’s significant interest in the education sector and said that she had already interviewed 17 founders of LMS (Learning Management System) companies in Ukraine.
“I have met with eight different founders over the past month. We have selected the top three, who are in completely different segments. Perhaps we will start with commercial partnerships, perhaps we will start directly with a joint venture, and education is definitely of interest to us,” said the director.
Kyivstar, Ukraine’s largest mobile operator, increased its revenue by 49.5% in January-March 2025 compared to the same period in 2024, to UAH 10.72 billion, doubling its investments to UAH 2.42 billion.
According to the financial statements published by the parent company VEON, the operator’s revenue in the first quarter increased by 36.9% in dollar terms, to $257 million.
Kyivstar’s revenue for the first quarter of 2025 grew by 49.5% thanks to an increase in ARPU (average revenue per user), which rose by 53.9% to UAH 140.6.
“These impressive results were achieved thanks to price adjustments, the stability of the 4G base, and the growing adoption of Kyivstar’s digital services, which in turn led to an increase in mobile internet consumption.
The dynamic revenue growth reflects the effective recovery from last year’s cyberattack,” VEON said in a statement.
The bulk of Kyivstar’s revenue in the reporting period came from telecom services, which grew by 47.8% to UAH 10.39 billion. However, revenue from digital services increased 2.4 times to UAH 329 million.
EBITDA increased by 64.2% to UAH 5.95 billion, and EBITDA margin increased by 5 percentage points (pp) to 55.6%. In dollar terms, EBITDA grew by 50.6% to $143 million. EBIT increased by 99% to UAH 4.18 billion, and EBIT margin by 9.8 p.p. to 39.1%.
Kyivstar’s subscriber base decreased by 4.9% to 22 million subscribers in the first quarter of 2025. The 4G subscriber base also decreased by 4.3% to 14.3 million.
“The decrease in the number of 4G users is mainly due to the overall decline in mobile subscribers. This was more than offset by a 21.2% increase in data consumption per user and an increase in the number of roaming subscribers,” VEON said in a statement.
Kyivstar recorded a 21.2% increase in data usage (the amount of gigabytes consumed by users) in January-March, to 11.4 GB. The digital MAU (Monthly Active Users) indicator grew by 32.9% to 10.3 million.
During the same period, the revenue of the Helsi digital platform grew by 41% compared to the same period last year. At the end of the first quarter, the platform had 1.8 million app users, which is 30% more than in the first quarter of last year. The number of medical professionals on the platform also increased by 3% compared to the same period last year. As of the end of March, the number of active doctors on the platform reached 39,000.
Kyivstar TV showed impressive revenue growth of 177%, thanks to a 34.9% increase in subscribers compared to the same period last year. The growth was driven by attractive content offerings, including the exclusive launch of the Setanta Premium sports channel and an updated sports section in the app, VEON said. Ukrainian-language content now accounts for 81% of the platform’s catalog. In addition, the Kyivstar TV app has expanded its reach with the launch on Xbox devices.
Kyivstar’s capital investments in January-March increased by 126% to UAH 2.42 billion and were mainly directed towards strengthening the network’s energy resilience and expanding 4G coverage.
Kyivstar, Ukraine’s largest telecommunications operator, has signed an agreement to increase its stake in Helsi, the country’s largest digital healthcare platform, from 69.99% to 97.99%, in line with its global strategy to develop its digital operator business model.
“The signing of the agreement will not affect Helsi’s operations. The company will retain its current management model under the leadership of co-founders Yevgen Donets and Yevgen Gubich and will continue to work on the development of e-health in Ukraine with its entire team,” Kyivstar said in a press release on Thursday.
Another co-founder of the Helsi project, Samvel Akobyan, will retain a strategic presence on the Supervisory Board, the statement said.
According to the press release, since the initial signing of the agreement between Helsi and Kyivstar in August 2022, shareholders have invested approximately UAH 240 million in the development of Helsi as of the end of March 2025. In 2023-2024, the company’s annual revenue increased by approximately 40% compared to the previous year, and the number of employees grew from 160 to almost 240 between December 2022 and December 2024.
“A new stage of partnership and increased investment in Helsi will allow us to accelerate the development of new business areas in the field of eHealth and strengthen opportunities for synergies,” Kyivstar CEO Alexander Komarov said in a press release.
It is noted that as of early 2025, Helsi had registered about 29 million patients. Between December 2022 and December 2024, the number of app users increased 2.5 times. In March 2025, about 229,000 appointments with doctors were made daily through the service, and the number of app downloads exceeded 10 million. The total number of appointments for 2024 exceeded 9 million. During 2024, more than 1,600 public and private clinics collaborated with Helsi. The number of medical personnel using the system in 2024 exceeded 60,000 employees throughout Ukraine, which is 26% more than in 2022.
According to YouControl, Helsi’s net income in 2024 increased by 36% compared to the previous year, to UAH 207.76 million, while net losses decreased 6.6 times, to UAH 3.56 million.
According to the financial statements published by its parent company VEON, Kyivstar increased its revenue last year by 11% compared to 2023, to UAH 37.27 billion, increasing capital investments by 60.7%, to UAH 10.22 billion.
