DUBAI, June 27 (Reuters) - 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
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
The final offer will be announced on July 9 and listing is
expected to take place on July 14, the advertisement by the
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
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 U.S. listing of Santa
Clara-based semiconductor producer Globalfoundries, the sources
Separately, state-owned Abu Dhabi National Oil Co is
considering listing its drilling business and its fertiliser
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.
($1 = 3.6728 UAE dirham)
(Reporting by Saeed Azhar
Editing by Chris Reese)