Home UAE Abu Dhabi Mubadala satellite operator Yahsat jumps on debut, boosting Abu Dhabi IPO push Mubadala sold 975.9 million Yahsat shares, representing a 40 per cent stake, for Dhs2.75 each by Bloomberg July 14, 2021 Satellite operator Yahsat jumped in its Abu Dhabi trading debut, bolstering the emirate’s efforts to revive listings on an exchange that last hosted an initial public offering in 2017. Al Yah Satellite Communications rose as much 13 per cent on Wednesday before trimming gains to 1.8 per cent, closing at Dhs2.8. The company is owned by Abu Dhabi’s $243bn sovereign fund Mubadala Investment, which will keep a majority stake after the listing. Abu Dhabi’s exchange has been reaching out to state-run and family owned companies, offering incentives such as flexibility on the minimum required stake size and reduced or zero fees, Bloomberg reported in May. Mubadala is close to listing Emirates Global Aluminium, while state-run Abu Dhabi National Oil is considering selling shares in its drilling business and has started preparations for a potential IPO of its fertilizer joint venture. Yahsat’s share sale is the second-largest on record in the emirate, after Abu Dhabi National Oil for Distribution raised $850.8m in a 2017 offering, according to data compiled by Bloomberg. It is also the first IPO in Abu Dhabi since that listing. Mubadala sold 975.9 million Yahsat shares, representing a 40 per cent stake, for Dhs2.75 each, the mid point of a marketed range. The sale attracted foreign and “high quality” investors, the company said in a statement last week. The Emirates Investment Authority subscribed to 5 per cent of the offer. Yahsat provides satellite communications solutions to more than 150 countries, according to its website. Its fleet of five satellites reaches more than 80 per cent of the world’s population, and the company expects to launch a new satellite in 2023, Reuters reported on Wednesday. The company has been profitable for at least the last three years, with net income rising to Dhs253m ($69m) in 2020. Tags Abu Dhabi finance IPO Mubadala Satellites Stock Yahsat 0 Comments You might also like Wizz Air launches first long-haul service from Abu Dhabi to Milan Fourth Milling Company to float IPO on Tadawul NMDC Energy’s $877m IPO oversubscribed 31.3 times UAE approves new AML, CFT national strategy for 2024-27