ABU DHABI: Satellite operator Yahsat plans to list a stake of as much as 40% in Abu Dhabi next month, in what would be the first initial public offering (IPO) on the emirate’s stock exchange since 2017.
Al Yah Satellite Communications Co, fully owned by Abu Dhabi’s US$243bil (RM1.01 trillion) sovereign fund Mubadala Investment Co, has hired Abu Dhabi Commercial Bank, First Abu Dhabi Bank and HSBC Holdings Plc as joint lead managers, according to an advertisement in the National. 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 Co for Distribution PJSC began trading in 2017. Sovereign funds ADQ and Mubadala – alongside the emirate’s state oil company – have signalled their intentions to list more assets locally.
The IPO is offering a minimum of 731.9 million shares and a maximum of 975.9 million shares, representing a minimum 30% stake and a maximum 40% stake in the company.
The offer is expected to close on July 6 for the first and third tranches and July 8 for the second tranche while the final offer price and size will be on July 9. ― Bloomberg