UHY LLP Helps Ukrainian Powerhouse to Historic US Listing2 Min Read

In 2025, Ukraine’s leading digital operator Kyivstar began trading on Nasdaq, becoming the first Ukrainian company to list on a US stock exchange. . The listing valued Kyivstar Group at approximately USD 2.21 billion, making it the year’s largest Special Purpose Acquisition Company (SPAC) merger IPO in a US capital markets transaction.

The business is an excellent fit for the technology-focused exchange. Kyivstar Group is Ukraine’s largest telecommunications operator, providing a broad range of connectivity and digital services, and a telecommunications infrastructure across the country. It serves 23.2 million connectivity customers and 28.4 million digital customers. Digital services include ride-hailing, e-health and digital TV. In addition, the company’s business service oncludes enterprise solutions such as Big Data, cloud and cybersecurity.

UHY LLP, the network’s member firm in the US, had been appointed as auditors of VEON Group, Kyivstar’s parent company, at the end of 2024. A few months later, Kyivstar Group engaged UHY as the auditor for their journey towards a historic Nasdaq listing.

Complexity and clarity

The engagement was a major undertaking for UHY LLP’s Securities and Exchange Commission (SEC) practice, which comprises specialists from across the business. The nine-month project was overseen by the firm’s Melville office in Long Island, New York. Completing a financial statement audit in connection with a Nasdaq listing is a complex and multifaceted engagement. In this case, UHY had to focus on the multi-year International Financial Reporting Standards (IFRS) carve out audits required for a cross border offering. 

Through rigorous planning, coordination and execution, the UHY team delivered high quality audit work on time and within budget, enabling Kyivstar to achieve its milestone as the first Ukrainian company listed on a major US stock exchange. The client was delighted with the results. “Enhanced coordination with our internal control teams increased the efficiency of the audit process compared to previous years,” says Anand Ramachandran, Chief Corporate Development Officer, VEON. “UHY professionalism played a key role in resolving issues more efficiently by fostering stronger relationships with our operational teams. Collectively, these improvements demonstrated that UHY delivers on itscommitment to high quality, business-focused audit services.” Anand adds that Kyivstar was particularly impressed with UHY’s clarity of communications and detailed business understanding.

UHY colleagues worked closely with Kyivstar teams, ensuring timely, high quality deliverables. “The feedback that we received rated the overall audit value process as very good, highlighting UHY’s strong technical expertise that meets VEON’s and now also Kyivstar’s financial reporting requirements and objectives,” he says.

Read the full story in Issue 22 of the UHY Global Magazine published by UHY International.