Mubadala’s Yahsat Aims To Raise Up To $ 810 Million In Abu Dhabi IPO, Telecom News, ET Telecom

Representative photo

By Saïd Azhar

DUBAI: Yahsat, the satellite company of public investor Mubadala, has set an indicative price range for its IPO which shows it could raise up to 2.976 billion dirhams ($ 810 million) upon the IPO, according to a newspaper ad.

This will be the first major IPO of a company on the Abu Dhabi Stock Exchange since the IPO of the Abu Dhabi National Oil Company in 2017 and will likely be followed by further offerings. important actions this year.

Alpha Dhabi Holding, a subsidiary of International Holding Co, intends to be listed on the Abu Dhabi Stock Exchange on Sunday as part of a direct listing process.

Al Yah Satellite Communications Co (Yahsat) has set a target price range of 2.55 to 3.05 dirhams per share, according to The National newspaper.

Yahsat plans to sell a minimum of 731.9 million shares to a maximum of 975.9 million shares, indicating that he could raise at least 2.23 billion dirhams to a maximum of 2.976 billion dirhams.

The final offer will be announced on July 9 and listing is expected to take place on July 14, according to the company’s announcement.

Established in 2007, Yahsat is one of the world’s largest satellite communications service providers in terms of annual revenues, Mubadala said. It also owns the Thuraya satellite telephone operator.

Yahsat is one of three portfolio companies that Mubadala is working to get public this year, sources said.

It is on the verge of making a decision on listing Emirates Global Aluminum, which is owned by Mubadala and Dubai-based Investment Corp, and is seeking a potential listing in the United States from Santa Clara-based semiconductor producer Globalfoundries, have indicated the sources.

In addition, the state-owned Abu Dhabi National Oil Co is considering listing its drilling activities and Fertiglobe fertilizer joint venture.

First Abu Dhabi Bank, the securities unit of Bank of America and Morgan Stanley & Co have been appointed global coordinators for Yahsat and Abu Dhabi Commercial Bank, EFG Hermes and HSBC are the associated bookkeepers.


About Author

Comments are closed.