Yahsat has launched its initial public offering, opening up between 30 and 40 percent of the company to investors in the UAE, with the aim of raising as much as $811 million.
Yahsat, formally Al Yah Satellite Communications Co., which is wholly owned by Mubadala, Abu Dhabi’s $243 billion state-controlled wealth fund, has hired Abu Dhabi Commercial Bank, First Abu Dhabi Bank and HSBC Holdings Plc as joint lead managers.
The shares will be open for bidding until July 6 for “individuals and other investors in the UAE” and until July 8 for “qualified institutional and other investors”, a statement from the company said on Sunday.
With the final offer price to be announced on July 9, the range has been set at AED2.55 to AED3.05 per share.
Mubadala’s fully owned subsidiary Mamoura Diversified Global Holding PJSC has put up for offer between 30 and 40 percent of Yahsat’s issued share capital.
“We believe that we have established a strong and proven operational and financial track record over the years which, coupled with the ever-growing adoption of technological solutions and promising prospects of the space industry in Abu Dhabi and the UAE more broadly, provides a compelling proposition for potential investors. We look forward to their participation in Yahsat’s growth story,” said Ali Al Hashemi, chief executive officer of Yahsat.
Yahsat’s share sale marks the first IPO in Abu Dhabi since Abu Dhabi National Oil Co. for Distribution PJSC began trading in 2017.
Yahsat, established in the UAE in 2007, operates in more than 150 countries providing governments and commercial customers with integrated satellite communication solutions.
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