Al Yah Satellite Communications Company PJSC has announced the official listing of the firm’s shares and the commencement of trading on the Abu Dhabi Securities Exchange (“ADX”), following the successful completion of its initial public offering (the “IPO” or the “Offering”). The company is now traded under the ticker symbol: YAHSAT.
The IPO of Yahsat is a strategically important and landmark transaction for Mubadala and the Abu Dhabi markets. It represents the first ever IPO of a Mubadala subsidiary supported since inception and creates a new platform and route for further value creation.
The Offering has led to substantial engagement and interest from high quality, global institutional investors, allowing for increased Foreign Direct Investment into the UAE and paving the way for further interest and investment in similar, future transactions, on top of the high demand and interest from local investors.
Through the Yahsat IPO, Mubadala was able to raise AED 2.68 billion by selling 40% of share capital at AED 2.75 per share, resulting in the Group’s market capitalization of approximately AED 6.7 billion. Tranches were oversubscribed by multiple times, indicating strong interest in participating in Yahsat’s growth story and its future plans.
The transaction is also a reflection of investor confidence in the capital markets of Abu Dhabi and further cements Mubadala’s active role in enabling the post-pandemic recovery in the global economy, attracting investment to Abu Dhabi and the UAE more broadly.
Mubadala retains a c.60% shareholding in the Company and is fully aligned with Yahsat as it looks to grow further. The Company was established in the UAE in 2007 to meet the growing demand for SATCOM services by providing a secure and reliable means of global connectivity, regardless of geographic constraints.