** Shares of Ukraine's largest mobile operator Kyivstar Group KYIV.O down 7.5% premarket to $11.15, an over two-mth low, after secondary offering priced

** Co late Thurs announced 12.5 mln shares sold by parent VEON and other holders at $10.50, a 12.9% discount to last sale

** KYIV went public in the U.S. in Aug after merger with Betsy Cohen's SPAC Cohen Circle Acquisition Corp I

** Telecoms group VEON sold 12.1 mln shares, trimming its stake to about 84%, while Cohen Circle parted ways with 400,000 shares, per the prospectus

** KYIV has ~230.9 mln shares outstanding

** Morgan Stanley, Barclays, Cantor Fitzgerald and Rothschild joint bookrunners for offering

** Earlier this month, KYIV launched its first 5G pilot in Lviv amid war with Russia

** Through Thurs, KYIV shares down 7% to begin the year

** All 5 analysts covering the stock are bullish; median PT $17, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))