Mubadala Satellite Group to Raise Up to $811 Million in IPO
(Bloomberg) -- Satellite operator Yahsat is looking to raise as much as $811 million in what would be the first initial public offering on the Abu Dhabi stock exchange since 2017.
Al Yah Satellite Communications Co., owned by Abu Dhabi’s $243 billion sovereign fund Mubadala Investment Co., set the price range for its listing at 2.55 dirhams ($0.69) to 3.05 dirhams per share. The company plans to offer up to 40% of its shares in the IPO.
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 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% stake and maximum of 40% stake in the company
- Final offer price and size: July 9
- Expected date of listing in Abu Dhabi: July 14
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