Abu Dhabi’s Al Yah Satellite Communications (which trades as Yahsat) has set its indicative price range for its Initial Public Offering (IPO), and which shows it could raise up to 2.97 billion Dirhams (about $810 million) in what will be the first IPO on the Abu Dhabi stock exchange since 2017.
The indicative range extends from 2.23 billion Dirhams (if 732 million shares are placed in the IPO) to 2.976 billion Dirhams (if 976 million shares are placed). The final offer price will be announced on July 9th with the business then quoted on the Abu Dhabi bourse on July 14th.
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. ($1 = 3.6728 UAE dirham).
Yahsat is currently owned by Abu Dhabi’s sovereign wealth fund Mubadala, which is is offering up to 40 per cent in the IPO.