Yahsat eyes first Abu Dhabi IPO since 2017

  • Date: 21-Jun-2021
  • Source: Gulf Business
  • Sector:Financial Markets
  • Country:UAE
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Yahsat eyes first Abu Dhabi IPO since 2017

Satellite operator Yahsat plans to list a stake of as much as 40 per cent in Abu Dhabi next month, in what would be the first IPO on the emirate's stock exchange since 2017. Al Yah Satellite Communications, fully owned by Abu Dhabi's $243bn sovereign fund Mubadala Investment, has hired Abu Dhabi Commercial Bank, First Abu Dhabi Bank and HSBC Holdings as joint lead managers, according to an advertisement in the . The company offers satellite communications solutions in over 150 countries. Yahsat's share sale would mark the first IPO in Abu Dhabi since Abu Dhabi National Oil for Distribution began trading in 2017. Sovereign funds ADQ and Mubadala “” alongside the emirate's state oil company “” have signaled their intentions to list more assets locally. * IPO for minimum 731.9 million shares and a maximum 975.9 million shares, representing minimum 30 per cent stake and maximum of 40 per cent stake in the company * Offer expected to close July 6 for first and third tranche and July 8 for second tranche * Final offer price and size: July 9 * Expected date of listing in Abu Dhabi: July 14