March 18 (Reuters) - Ukraine's leading mobile operator

Kyivstar is moving ahead with its planned U.S. listing, its

parent VEON said on Tuesday, even as

President Donald Trump's chaotic trade policy knocks confidence

on Wall Street.

Kyivstar has been assigned a pro-forma valuation of $2.21

billion ahead of the initial public offering (IPO) in New York,

VEON said in a statement.

The Nasdaq IPO is a sign of confidence in the U.S. market

despite a four-week tumble caused by investors fretting over

Trump's tariffs and the prospect of a U.S. recession.

Kyivstar will be the first Ukrainian company listed in the

United States once fintech entrepreneur Betsy Cohen's

special-purpose acquisition company (SPAC) completes

the merger for the IPO.

The combination and the subsequent listing are expected in

the third quarter of 2025. VEON will own a minimum of 80% of the

issued and outstanding equity of Kyivstar, it said.

"We believe that Kyivstar's strong financial profile,

visionary strategy and robust governance structure ... will be

appealing to international investors," VEON's CEO Kaan Terzioglu

said in the statement.

The decision to move forward with the listing also comes as

Europe looks to ramp up support for Ukraine's defence and

economy, fearing a U.S. pullback.

Shah Capital, an activist investor holding a 6.7% stake in

VEON, had previously suggested Warsaw or London as IPO venues

for Kyivstar before urging VEON to consider Nasdaq.

Terzioglu first announced Kyivstar might be listed in the

U.S. in November.

After completing its exit from Russia in 2023, VEON has

strengthened its U.S. ties, including as part of its $1 billion

investment plan in Ukraine through 2027.

In 2023, former U.S. Secretary of State Mike Pompeo, who

served under the first Trump administration, joined the board of

Kyivstar.

The group, which owns leading telecoms and fintech brands in

six countries including Pakistan and Ukraine, has an exclusive

partnership with Elon Musk's Starlink to develop and provide

direct-to-cell connectivity in Ukraine.