Latest news with #GianlucaLoNostro
Time of India
8 hours ago
- Business
- Time of India
Ukraine's Kyivstar to raise up to $200 million in landmark US listing, sources say
By Gianluca Lo Nostro and Leo Marchandon Ukraine's biggest telecoms operator Kyivstar expects to raise between $50 million and $200 million through a landmark stock market listing in New York this year, three sources familiar with the matter told Reuters. Kyivstar will become the first Ukraine-based company listed on a U.S. stock exchange when it joins Nasdaq via fintech entrepreneur Betsy Cohen 's special purpose acquisition company (SPAC) Cohen Circle, thereby avoiding some of the complexities of a traditional initial public offering. The Ukrainian company's Dubai-based parent VEON has said the listing was expected by the third quarter of 2025 and that it will retain a minimum of 80% of the issued and outstanding shares of the telecoms business. VEON has already secured $52 million in non-redemption agreements with institutional investors, representing the minimum it expects to raise, the sources said. The maximum could reach $200 million depending on redemptions. LEADING UKRAINE'S RECONSTRUCTION While U.S. President Donald Trump continues his efforts to end the Russian war in Ukraine and Ukrainian counterpart Volodymyr Zelenskiy enlists support from Europe and NATO, VEON hopes the Kyivstar listing will help to stoke investor appetite for Ukrainian assets ahead of the country's reconstruction. VEON Chief Executive Kaan Terzioglu said after the company reported earnings last Thursday that it had extremely strong support for the Kyivstar listing from U.S. authorities, Ukraine and the European Union. He dubbed the listing "the people's IPO", expressing his hope that investors around the world show their support for Ukraine. Telecoms group VEON, which exited the Russian market in 2023, had its corporate rights in Kyivstar restored by a Kyiv court last year after they had been seized over the previous involvement of sanctioned Russian individuals. Kyivstar, which has been given a pro forma valuation of $2.21 billion (1.89 billion euros), is the market-leading mobile operator in Ukraine with 24 million subscribers. Its revenue and core profit have surged since Russia's invasion, weathering cyberattacks and power outages during the conflict. ACTIVIST INVESTOR SUPPORT Cohen Circle and Kyivstar shareholders will hold separate meetings on Tuesday to vote on the planned listing, the final step before completing filings with the market regulator. Activist investor Shah Capital, VEON's fourth-largest shareholder with a 6.7% stake, told Reuters in an emailed statement that the IPO can be a success "in light of increased pressure on Russia to settle the conflict". Shah had publicly urged VEON to pursue the Kyivstar listing before the telecoms group made the final decision to float its Ukrainian unit in the U.S. despite previous hints at London or Warsaw as possible venues. Edison Group equity analysts Nick Paton and Dan Ridsdale said the deal's narrative is built around Ukraine's postwar reconstruction and digital infrastructure's role in that recovery. However, the move is not immune to risks, particularly geopolitical ones, they said. "Though VEON has exited Russia, lingering concerns over legacy shareholder links and ongoing exposure to volatile jurisdictions may cap upside. Any re-emergence of reputational or compliance risks could reintroduce a governance discount," Paton and Ridsdale said in a note.
Time of India
6 days ago
- Business
- Time of India
Eutelsat beats earnings estimates on Ukraine boost, government demand
By Gianluca Lo Nostro French satellite operator Eutelsat reported better-than-expected annual earnings on Tuesday, driven by growing interest in its satellite internet services from government and corporate customers. Eutelsat gained the spotlight this year as European governments sought home-grown solutions for satellite services, aiming to reduce their reliance on U.S. providers. Revenues from video, connectivity and government services reached 1.23 billion euros ($1.43 billion) in the year ended June 30, up 0.8% from a year earlier. Financial analysts had expected those revenues to total 1.21 billion euros, according to a consensus poll provided by Eutelsat. The Paris-based group hopes to offset declining income from its video business by gaining a foothold in the satellite internet market, where SpaceX's Starlink dominates. Eutelsat said revenues from its low Earth orbit (LEO) satellites rose 84.1% yearly to 187 million euros. Higher revenues for government services reflected services delivered in Ukraine and increased demand from other non-U.S. governments, the company said. The German government has been paying for Ukraine's access to Eutelsat's network for about a year. Eutelsat expects LEO revenues to grow by 50% next year, saying it will compensate, but not yet outweigh the decline in its legacy business, which are impacted by additional Russian sanctions. However, the operator said it took a 1.1 billion euro loss through the year, partly due to impairments from its geostationary (GEO) assets. In addition to its 34 GEO satellites - mostly used for broadcasting and fixed satellite internet - Eutelsat owns a constellation of over 600 in low Earth orbit, managed by its London-based subsidiary OneWeb , which was acquired in 2023. The company is undergoing a radical shake-up following the appointment of a new CEO and a chairman as well as new injections of capital led by the French state alongside Britain and other anchor shareholders for 1.5 billion euros.
The Star
6 days ago
- Business
- The Star
Eutelsat reports better-than-expected full year earnings
FILE PHOTO: Eutelsat Group logo is pictured at their Paris headquarters in Issy-les-Moulineaux, France, April 3, 2025. REUTERS/Benoit Tessier/ File Photo (Reuters) -French satellite operator Eutelsat reported better-than-expected annual earnings on Tuesday, driven by growing interest in its satellite internet services from government and corporate customers. Eutelsat gained the spotlight this year as European governments sought home-grown solutions for satellite services, aiming to reduce their reliance on U.S. providers. Revenues from video, connectivity and government services reached 1.24 billion euros ($1.43 billion) in the year ended June 30, up 0.8% from a year earlier. Financial analysts had expected those revenues to total 1.21 billion euros, according to a consensus poll provided by Eutelsat. The Paris-based group hopes to offset declining income from its video business by gaining a foothold in the satellite internet market, where SpaceX's Starlink dominates. Eutelsat said revenues from its low Earth orbit (LEO) satellites rose 84.1% yearly to 187 million euros. Higher revenues for government services reflected services delivered in Ukraine and increased demand from other non-U.S. governments, the company said. Eutelsat expects LEO revenues to grow by 50% next year, saying it will compensate, but not yet outweigh the decline in its legacy business, which are impacted by additional Russian sanctions. ($1 = 0.8643 euros) (Reporting by Gianluca Lo Nostro; Editing by Matt Scuffham)
Yahoo
09-07-2025
- Business
- Yahoo
SEMCO Technologies surges in market debut as latest French tech IPO
By Gianluca Lo Nostro and Jerome Terroy (Reuters) -Shares of SEMCO Technologies surged 41% in their Paris trading debut on Wednesday, as the French chipmaking equipment supplier became the second technology company to be listed in the French capital this year. The Montpellier-based company raised 45 million euros ($48.5 million) through its initial public offering (IPO) on Paris' junior exchange Euronext Growth, giving it a market value of 154 million euros at the listing price of 15 euros per share. SEMCO follows artificial intelligence startup LightOn, which became Europe's first listed generative AI company when it debuted in Paris in November, and consumer credit firm Younited Financial, which completed the first French IPO of 2025 in January. Investor appetite for European technology companies remains strong, particularly those serving the booming semiconductor industry driven by demand for AI-enabling technologies. SEMCO makes electrostatic chucks, or "eChucks" — arms that handle silicon wafers during production. These devices use electrical charges to grip the thin silicon discs without physical clamps. The IPO was heavily oversubscribed, with institutional investors bidding 5.5 times the available shares and retail investors oversubscribing by more than 7 times. SEMCO plans to use the proceeds to expand its manufacturing capacity, invest in new technology and strengthen its international presence, CEO Laurent Pelissier said in a statement. It targets revenue of about 33 million euros in 2025 and more than 55 million euros by 2028, with a profit margin exceeding 40%. The listing came at a time when Euronext is seeking to boost European IPO activity through initiatives like the European Common Prospectus, launched in April to streamline cross-border listings. SEMCO is a subsidiary of Grenoble-based ECM Group. ($1 = 0.9278 euros) Sign in to access your portfolio
Time of India
05-07-2025
- Business
- Time of India
France joins European push for satellite internet on trains
By Gianluca Lo Nostro France's state-owned rail company SNCF will launch a tender soon to add satellite internet to its trains, becoming the latest European rail operator to explore space-based systems for onboard connectivity. In a statement to Reuters, SNCF said on Friday it was pursuing an "innovative approach to strengthen connectivity and resilience" by combining terrestrial networks with low Earth-orbit satellite solutions. The company said the strategy aims to ensure service continuity across its entire network, including isolated sites, and guarantee better internet access for train passengers. "The satellite plus 4G/5G combination would eliminate dead zones and offer stable, fast service adapted to new uses such as streaming or video conferencing," SNCF said. Elon Musk's Starlink and France's Eutelsat are among the companies being considered, a source familiar with the matter told Reuters. SNCF would not discuss with Reuters whether it was in talks with specific providers. A Eutelsat spokesperson confirmed the company's interest in the deal as it is already in talks with SNCF about setting up a pilot project as they have already done in Britain and Kazakhstan. "As one of only two LEO (low Earth orbit) operators currently in service, and the only French player, we intend to bid for the contract with our French partners such as Orange business services," the spokesperson said. Starlink, which initially focused on consumer services, has expanded into enterprise markets, particularly in transportation and maritime sectors. Eutelsat, propped up by the French government in its push for LEO services, provides internet access through its OneWeb network of more than 600 LEO satellites. The move follows similar initiatives across Europe. Italy's state railway Ferrovie dello Stato ran a two-week trial in June with two providers, including Starlink, Infrastructure Minister Matteo Salvini said in May. Scotland's ScotRail also launched a six-week Starlink trial in May. Most European trains rely on cellular networks for internet access. However, connection quality varies with mobile network coverage, often dropping in rural areas or tunnels. The high speeds of trains also create technical challenges as systems must constantly switch between mobile towers, causing intermittent service. Satellites, on the other hand, offer consistent coverage everywhere, including remote areas where cellular towers are sparse or nonexistent.
