The IPO for Al Yah Satellite Communications (YahSat) was priced at 2.75 Dirhams (€0.63) per share, in the middle of the proposed indicative range, and interest was strong.
Currently owned by Abu Dhabi’s sovereign wealth fund Mubadala, the 40 per cent of the company of offer gives YahSat a market capitalisation of 6.7 billion Dirhams. The IPO will see 2.68 billion Dirhams.
However, 5 per cent of the 40 per cent is being taken up by the Emirates Investment Authority which has preferential rights in the nation.
Yahsat, which was set up in 2007, is one of the largest providers of satellite communications services in the Middle East in terms of annual revenues, Mubadala has previously said. It also owns satellite phone operator Thuraya.