DUBAI: State investor Mubadala’s satellite company Yahsat has set an indicative price range for its initial public offering which shows it could raise up to 2.976 billion dirham ($810 million) in the IPO, a newspaper advertisement showed.
This will be the first major IPO of a company on the Abu Dhabi bourse since Abu Dhabi National Oil Co. Distribution was listed in 2017 and will likely be followed by other large share offerings this year.
Alpha Dhabi Holding, a subsidiary of International Holding Co, intends to list on the Abu Dhabi Securities Exchange on Sunday in a direct listing process.
Al Yah Satellite Communications Co. (Yahsat) has set an indicative price range of 2.55-3.05 dirhams a share, the advertisement in The National newspaper showed.
Yahsat plans to sell a minimum of 731.9 million shares to a maximum of 975.9 million shares, indicating it may raise at least 2.23 billion dirhams to a maximum of 2.976 billion dirhams.
The final offer will be announced on July 9 and listing is expected to take place on July 14, the advertisement by the company showed.
Established in 2007, Yahsat is one of the largest providers of satellite communications services in the world in terms of annual revenues, Mubadala has said. It also owns satellite phone operator Thuraya.
Yahsat is among the three portfolio companies that Mubadala is pushing to take public this year, sources said.
It is close to making a decision on listing of Emirates Global Aluminium, which is owned by Mubadala and Investment Corp. of Dubai, and is seeking a potential US listing of Santa Clara-based semiconductor producer Globalfoundries, the sources said.
Separately, state-owned Abu Dhabi National Oil Co. is considering listing its drilling business and its fertilizer joint venture Fertiglobe.
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.
Mubadala’s Yahsat aims to raise up to $810mn in Abu Dhabi IPO
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Mubadala’s Yahsat aims to raise up to $810mn in Abu Dhabi IPO
- Al Yah Satellite Communications Co. (Yahsat) has set an indicative price range of 2.55-3.05 dirhams a share
IsDB announces $2.41bn in new financing for strategic development sectors
JEDDAH: The Islamic Development Bank has approved $2.41 billion in new financing for a series of transformative projects during its 364th Executive Board meeting, chaired by IsDB President Mohammed Al-Jasser.
The approvals underscore the bank’s ongoing commitment to regional cooperation, economic development, and climate- and environment-friendly investments that advance the UN Sustainable Development Goals across its member countries.
The new financing includes an additional $40 million for the Central Asia–South Asia Electricity Transmission and Trade Project (CASA-1000) in Tajikistan, aimed at boosting regional energy trade, improving electricity access and reliability, and mitigating climate change through the export of clean and renewable energy.
The bank also approved €116 million ($135 million) to upgrade Senegal’s Dakar Expressway Project.
The initiative is designed to improve health, education, and economic services for local populations, reduce traffic congestion and peak travel times, and enhance road safety measures to halve traffic-related deaths and injuries, with a particular focus on women and young pedestrians.
A $1.307 billion allocation was approved for Kazakhstan’s Economic and Industrial Zones Project to foster sustainable industrial development.
The initiative is expected to promote economic diversification, attract investment, create jobs, and boost global competitiveness through infrastructure upgrades and operational efficiency in special economic zones, industrial zones, and specialized industrial zones.
Bahrain will receive $330.07 million to expand its industrial capacity and strengthen economic competitiveness. The funding will support the development of modern industrial land with resilient infrastructure, advanced export-oriented manufacturing, effective internal connectivity, and reclaimed land facilities.
The project aims to stimulate private investment, generate employment, and reinforce Bahrain’s position as a regional industrial and logistics hub.
The IsDB approved $160 million to enhance utilities, water, and urban development sectors in Jordan.
The financing will secure future drinking water supply for Aqaba, Amman, and northern regions, support climate adaptation and mitigation, foster economic growth, and promote private sector participation in sustainable, long-term water solutions to alleviate severe water stress.
Azerbaijan was granted $436.67 million to improve agricultural productivity by reducing irrigation water losses and supporting sustainable rural development, in line with Azerbaijan’s 2030 vision.
The project will also promote green growth, strengthen climate resilience, and ensure long-term food security.
The approved projects reflect the IsDB’s strategic focus on fostering sustainable and inclusive growth across member countries by addressing critical infrastructure, energy, water, transport, and industrial development challenges.
These initiatives are expected to deliver lasting impact and contribute effectively to achieving the Sustainable Development Goals.
