UAE-based satellite operator Yahsat has announced the successful completion of its book-building process and the pricing and final offer size for the initial public offering (IPO) of part of its existing shares. The final offer price has been set at AED 2.75 per share. The number of shares included in the Offering is 975,908,106, which represents 40 percent of the share capital of the company.
The offering was oversubscribed by several times, with significant demand from qualified institutional and other investors and individuals and other investors in the UAE. The Emirates Investment Authority ("EIA") has exercised its preferential right to subscribe to 5 percent of the final offer size and it has been allocated in full before the commencement of allocation.
Based on the final offer price, Yahsat's market capitalisation upon listing is expected to be approximately AED 6.7 billion.
Mamoura Diversified Global Holding, a wholly-owned subsidiary of Mubadala Investment Company, will remain the majority shareholder following the offering and will hold approximately 60 percent of Yahsat’s issued share capital. Listing and trading on the Abu Dhabi Securities Exchange (ADX) are expected to commence at 10.00hrs (UAE time) on 14 July under the symbol "YAHSAT" and ISIN "AEA007501017".
