Yahsat, the satellite company of Abu Dhabi state investor Mubadala, is expected to raise $730 million in its Initial Public Offering (IPO) after the deal was priced in the middle of an indicative price range.
The stock was sold for $0.75 per share. The satellite operator, owned by Abu Dhabi state investor Mubadala, has previously indicated a price range of $0.7 to $0.83 per share.
This is the first major IPO on the Abu Dhabi bourse since Abu Dhabi National Oil Co Distribution was listed in 2017.
The company has planned to sell 40 percent of its shares to retail and institutional investors through its debut listing on the Abu Dhabi Securities Exchange (ADX), scheduled on July 14.
The offering creates an opportunity for investors to participate in the potential strategic growth of a leading integrated satellite communication services provider. Mubadala will remain a majority shareholder following the offering of at least 30 percent and up to 40 percent of Yahsat’s issued share capital, all of which are currently held by Mamoura Diversified Global Holding PJSC.
“We are dedicated to ensuring we meet and exceed investor expectations as we continue to grow by expanding our geographical reach, while continuously innovating and driving new technologies to meet the local, regional and global demand for reliable satellite connectivity and solutions,” Mr. Ali Al Hashemi, chief executive of Yahsat, said.
Yahsat intends to sell $975.9 million shares in its initial public offering. Yahsat’s market capitalization upon listing is projected to be around $1.8 billion, based on the final offer price. According to Mubadala, Yahsat, which was founded in 2007, is one of the world’s largest providers of satellite communications services in terms of yearly sales. Thuraya, a satellite phone company, is also owned by it.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
