Mubadala’s satellite group Yahsat IPO raises $731m

Mubadala’s satellite group Yahsat IPO raises $731m

Abu Dhabi sovereign fund Mubadala Investment has raised Dhs2.7bn ($731m) in an initial public offering of satellite operator Yahsat after pricing shares near the middle of a marketed range. A subsidiary of the fund sold 975.9 million shares in Yahsat, which trades under the name Al Yah Satellite Communications, for Dhs2.75 each, according to a statement Friday, after marketing them for between Dhs2.55 and Dhs3.05 each. The share sale is the second largest on record in Abu Dhabi, after Abu Dhabi National Oil for Distribution raised $850.8m in a 2017 offering, according to data compiled by . It is also the first IPO in Abu Dhabi since that listing. The IPO gives Yahsat a market value of about Dhs6.7bn, according to the statement. Yahsat will remain majority owned by Mubadala after the listing. The offering was multiple times oversubscribed and attracted interest from "high quality, global institutional investors allowing for increased foreign direct investment into the UAE," according to the statement. The Emirates Investment Authority subscribed to 5 per cent of the final offer size. Sovereign funds ADQ and Mubadala "” alongside the emirate's state oil company "” have signaled their intentions to list more assets locally. "This IPO paves