plan Yahsat satellite operator to list a stake of up to 40% in Abu Dhabi next month, in what would be the first initial public offering on the Abu Dhabi Securities Exchange since 2017.
Al Yah Satellite Communications, wholly owned by Abu Dhabi’s $243 billion Mubadala Investment Fund, has appointed Abu Dhabi Commercial Bank, First Abu Dhabi Bank and HSBC Holdings as joint lead managers, according to an announcement in The National.
It is noteworthy that the company provides satellite communications solutions in more than 150 countries.
The sale of a stake in Yahsat will be Abu Dhabi’s first initial public offering since Abu Dhabi National Oil Company for Distribution began trading in 2017. Sovereign funds ADQ and Mubadala – along with the emirate’s state oil company ADNOC – have signaled their intention to list more assets. locally.
Regarding the details of the offer, a minimum of 731.9 million shares and a maximum of 975.9 million shares will be offered, which represents a minimum 30% and a maximum share of 40% in the company.
The offer is expected to close on July 6 for the first and third tranche and July 8 for the second tranche, and the final offer price and size will be determined on July 9. The expected date of listing in Abu Dhabi is July 14.