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    FAB   AEN000101016

FIRST ABU DHABI BANK P.J.S.C.

(FAB)
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Mubadala's Yahsat aims to raise up to $810 mln in Abu Dhabi IPO

06/26/2021 | 09:48pm EDT

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 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 U.S. 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 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)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC 0.23% 4.42 End-of-day quote.17.87%
FIRST ABU DHABI BANK P.J.S.C. 2.52% 18.7 End-of-day quote.44.96%
INTERNATIONAL HOLDING COMPANY PJSC -0.14% 146.2 End-of-day quote.248.10%
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Financials
Sales 2021 18 973 M 5 166 M 5 166 M
Net income 2021 10 788 M 2 937 M 2 937 M
Net Debt 2021 - - -
P/E ratio 2021 19,0x
Yield 2021 3,89%
Capitalization 204 B 55 549 M 55 553 M
Capi. / Sales 2021 10,8x
Capi. / Sales 2022 10,3x
Nbr of Employees 5 451
Free-Float 66,6%
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First Abu Dhabi Bank P.J.S.C. Technical Analysis Chart | FAB | AEN000101016 | MarketScreener
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Number of Analysts 11
Last Close Price 18,70 AED
Average target price 15,39 AED
Spread / Average Target -17,7%
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Managers and Directors
Hana Al-Rostamani Group Chief Executive Officer
James Burdett Group Chief Financial Officer
Tahnoun bin Zayed bin Sultan Al-Nahyan Chairman
Fadhel Abdulbaqi Abul Hasan Al-Ali Group Chief Operating Officer & Deputy Group CEO
Ahmed Mohamed Sultan Al-Dhaheri Non-Executive Director
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