On August 15, the shares of Kyivstar’s parent company began trading on the New York Stock Exchange Nasdaq, but their price dropped by 7.4%, closing at $11.52 per share, reports Baltimore Chronicle, citing Nasdaq quotations. The shares of Kyivstar Group Ltd., trading under the ticker KYIV, started at $12.44 and fluctuated between $11.20 and $13.28 during the session. The total trading volume reached about 1.73 million shares, indicating some level of investor interest in the new issuer.
Despite the volatility on the first day, Kyivstar Group’s market capitalization reached $2.53 billion by the end of the day. According to the company’s president, Alexander Komarov, the first few weeks of trading will be unstable, as the turbulent external environment has already been factored into his forecasts. The listing of Kyivstar Group on Nasdaq marks the first time a company with a business entirely based in Ukraine has taken this step. After completing the deal with the SPAC structure Cohen Circle, the majority stake (89.6%) remains with the international telecom group Veon.
Earlier we wrote that Kyivstar becomes the first ukrainian company to list on Nasdaq.