Mubadala’s Yahsat aims to raise up to $810m in IPO
The first major listing since 2017 is expected to take place on July 14
State investor Mubadala’s satellite company Yahsat has set an indicative price range for its initial public offering (IPO), which shows it could raise up to AED2.976 billion
($810 million) in the
IPO, a newspaper advertisement showed.
This will be the first major IPO of a company on the Abu Dhabi bourse since Abu Dhabi National Oil Co. Distribution was listed in 2017 and will likely be followed by other large share offerings this year.
Alpha Dhabi Holding, a subsidiary of International Holding Co, intends to list on the Abu Dhabi Securities Exchange on Sunday in a direct listing process.
Al Yah Satellite Communications Co. (Yahsat) has set an indicative price range of AED2.55-3.05 a share, the advertisement in a local English daily showed.
Yahsat plans to sell a minimum of 731.9 million shares to a maximum of 975.9 million shares, indicating it may raise at least AED2.23 billion to a maximum of AED2.976 billion.
The final offer will be announced on July 9 and listing is expected to take place on July 14, the advertisement by the company showed.
Established in 2007, Yahsat is one of the largest providers of satellite communications services in the world in terms of annual revenues, Mubadala has said. It also owns the satellite phone operator Thuraya.
Yahsat is among the three portfolio companies that Mubadala is pushing to take public this year, sources said.
It is close to deciding on the listing of Emirates Global Aluminium, which is owned by
Mubadala and Investment Corp of Dubai, and is seeking a potential US listing of Santa Clara-based semiconductor producer Globalfoundries, the sources said.
Separately, state-owned Abu Dhabi National Oil Co. is considering listing its drilling business and its fertilizer joint venture Fertiglobe.
First Abu Dhabi Bank, Bank of America’s securities unit, and Morgan Stanley & Co. have been appointed as joint global coordinators for Yahsat and Abu Dhabi Commercial Bank, EFG Hermes, and HSBC are joint bookrunners.
Spain Portfolio, and the Michelin distribution facility in Chicago.
“The logistics and distribution real estate sector has proven to be one of the most dynamic sectors of commercial real estate,” he added.
The unit is a mission-critical facility for FedEx, GFH said, as it is located in a “fast growing metro center,” where the logistics company will have access to over 60 percent of the US population in one day’s drive.
GFH will announce other deals over the next few months in North America and Europe, the company said.