The final offer price for the offering has been set at Dh2.75 ($0.27) per share
The initial public offering (IPO) of Mubadala Investment Companys Al Yah Satellite Communications is set to raise Dh2.68bn ($730m).
The deal was priced at Dh2.75 ($0.27) per share. This is against an earlier indicative price range of Dh2.55 to Dh3.05 a share ($0.69 $0.83), the satellite operator owned by Abu Dhabi state investor Mubadala said.
Yahsat plans to sell 975.9m shares through the IPO. Based on the final offer price, Yahsats market capitalisation upon listing is expected to be approximately Dh6.7bn.
The IPO was multiple times oversubscribed, with significant demand from qualified institutional and other investors and retail investors in the UAE.
The offering has created an opportunity for investors to participate in the growth of a leading UAE based integrated satellite solutions services provider. Mamoura Diversified Global Holding (the Selling Shareholder), a wholly-owned subsidiary of Mubadala Investment Company (Mubadala), will remain the majority shareholder following the Offering and will hold c.60% of Yahsats issued share capital.
Listing and trading on the Abu Dhabi Securities Exchange (ADX) are expected to commence at 10.00 am (UAE time) on 14 July 2021 under the symbol “YAHSAT” and ISIN “AEA007501017”.
Ali Al Hashemi, Chief Executive Officer of Yahsat, said: We are delighted that the Offering has been met with substantial investor interest, both locally and internationally. It is a testament to the work and dedication of our team for more than a decade which has manifested in the strong business, operational and financial platform we have today. We are dedicated to ensuring we meet and exceed investor expectations as we continue to grow by expanding our geographical reach, while continuously innovating and driving new technologies to meet the local, regional and global demand for reliable satellite connectivity and solutions.