Kyivstar's Nasdaq Debut Amid U.S.-Russia Summit Sparks Market Jitters

In a market-shaking move, Kyivstar, Ukraine's largest mobile operator, experienced a significant 9% drop in its shares just hours after being listed on the Nasdaq. This milestone coincided with a high-stakes summit between U.S. President Donald Trump and Russian President Vladimir Putin, aimed at resolving the ongoing conflict in Ukraine.

Kyivstar's CEO, Oleksandr Komarov, remains optimistic, suggesting the listing as a channel for international investment and Ukrainian economic recovery. He acknowledged the volatility expected in the early days of trading, due to global uncertainties. Meanwhile, the listing reflects Kyivstar's strategic choice to forge stronger ties with the U.S., highlighted by its partnership with Starlink and appointment of Mike Pompeo to its board.

The listing, conducted through a merger with Betsy Cohen's special purpose acquisition company, successfully raised $178 million. However, the company's future in the stock market seems contingent upon a successful peace deal that could unlock frozen Russian funds for Ukraine's reconstruction, an effort backed by major investors such as Shah Capital.

(With inputs from agencies.)