Mubadala to offer 30 to 40 pct of satellite firm Yahsat in IPO

Abu Dhabi state investor Mubadala will offer 30 percent to 40 percent of its satellite firm Yahsat in an initial public offering (IPO) and the company is likely to be listed on the Abu Dhabi Securities Exchange during the third quarter of 2021, it said on Monday.

This is the first listing of a company on the emirate’s bourse since the Abu Dhabi National Oil Co Distribution IPO in 2017.

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First Abu Dhabi Bank, Merrill Lynch International and Morgan Stanley & Co have been appointed as joint global coordinators and Abu Dhabi Commercial Bank, EFG Hermes and HSBC as joint bookrunners, the statement said.

“In line with our mandate to drive technological transformation and economic diversification of the UAE, we strive to develop a world-class innovation and technology-driven ecosystem that attracts investment in Abu Dhabi and the UAE more broadly. We believe the listing of Yahsat on Abu Dhabi’s Stock Exchange further reiterates our role in contributing to the growth of the UAE economy,” a statement released by the state investment company on Monday quoted its CEO of UAE Investments and Yahsat Chairman, Musabbeh al-Kaabi, as saying.

The offering is expected to comprise of the “UAE Retail Offering”, meaning that it will be available to UAE-based individuals and other investors, and the “Qualified Investor Offering”, an offering to qualified institutional and other investors both in the UAE and a number of other countries.

“Today’s announcement marks an important milestone in Yahsat’s journey as we continue to build on our strong national and international partnerships and invest in new technologies to drive future growth,” said Yahsat CEO Ali al-Hashemi.

Established in 2007, Yahsat currently operates in over 150 countries across five continents and provides both government and commercial customers with a secure and reliable integrated satellite communication solutions.

With Reuters

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