IMPACTA LAW, jointly with the American Chamber of Commerce in Ukraine, hosted an online panel discussion on how Ukrainian companies can access U.S. public markets, attract international investment, and pursue global growth while the war continues. 

Following Kyivstar's landmark Nasdaq listing in August 2025 and the subsequent IPO of Ukrainian defence technology company Swarmer, the discussion moved beyond whether Ukrainian businesses can go public in the U.S. to the practical question of what it takes to get there. 

The panel brought together representatives of Kyivstar and Cohen Circle, alongside U.S. and Ukrainian legal advisers, to examine the opportunities, requirements, and challenges of taking a Ukrainian business public. 

Watch the full discussion

Key takeaways from the discussion 

• Investor appetite extends beyond geopolitical considerations. Drawing on the Kyivstar transaction, the speakers explained that U.S. investors primarily assess business fundamentals, growth potential, and management's ability to execute its strategy. Ukrainian companies can also attract interest from a broader range of investors seeking exposure to Ukraine and its long-term economic potential.

• Choosing between an IPO and a de-SPAC requires more than comparing timelines. The panel explored how the two routes differ in valuation, investor engagement, transaction execution, and access to capital. Kyivstar's experience demonstrated how an experienced SPAC sponsor can support a company throughout the listing process and beyond, while both routes require extensive preparation and compliance with U.S. securities regulations. 

• Ukraine's defence technology sector presents distinct opportunities and challenges. The speakers discussed what investors look for in defence businesses, including proven technology, sustainable revenue growth, a credible export strategy, and opportunities to expand beyond domestic government contracts. They also addressed the tension between the confidentiality requirements of defence operations and the disclosure obligations of a U.S.-listed company. 

• Preparation must begin well before a company approaches the public markets. The legal discussion covered corporate and holding structures, U.S.-standard due diligence, financial reporting, intellectual property rights, export controls and regulatory compliance. The speakers paid particular attention to Ukrainian currency restrictions and martial-law requirements, as well as the implications of U.S. securities and defence regulations. 

The Kyivstar experience also demonstrated that completing a listing is only the beginning. Becoming a public company brings ongoing reporting obligations, regular investor engagement, and greater scrutiny of business performance. 

The discussion provided Ukrainian businesses considering international capital markets with practical insights into how to assess their readiness, select an appropriate listing route and prepare for the responsibilities of operating as a publicly traded company.