Mubadala’s Yahsat aims to raise up to $810m in Abu Dhabi IPO

Abu Dhabi, United Arab Emirates. Photo by Nick Fewings on Unsplash

State investor Mubadala‘s satellite company Yahsat has set an indicative price range for its initial public offering which shows it could raise up to 2.976 billion dirham ($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 2.55-3.05 dirhams a share, the advertisement in The National newspaper 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 2.23 billion dirhams to a maximum of 2.976 billion dirhams.

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 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 making a decision on listing of Emirates Global Aluminium, which is owned by Mubadala and Investment Corp of Dubai, and is seeking a potential U.S. 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 fertiliser 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.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.