Abu Dhabi's Mubadala to offer up to 40% of satellite firm in IPO

  • 6/21/2021
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DUBAI, June 21 (Reuters) - Abu Dhabi state investor Mubadala will offer 30% to 40% of its satellite firm Yahsat in an initial public offering (IPO), with a listing likely in the third quarter, it said on Monday. This will be the first listing of a company on the Abu Dhabi bourse since the IPO of Abu Dhabi National Oil Co Distribution (ADNOCDIST.AD) in 2017. Mubadala, which will remain a majority shareholder after the listing, could offer 731.9 million to 975.9 million shares, it said. The offer period was from June 27 to July 6, it added. Established in 2007, Yahsat is one of the largest providers of satellite communications services in the world in terms of annual revenues, Mubadala said in a statement. It also owns satellite phone operator Thuraya. First Abu Dhabi Bank (FAB.AD), Bank of America"s securities unit and Morgan Stanley & Co have been appointed as joint global coordinators and Abu Dhabi Commercial Bank, EFG Hermes and HSBC as joint bookrunners. Yahsat is among the three portfolio companies that Mubadala is pushing to go public this year, sources said. It is close to making a decision on listing Emirates Global Aluminium, which is owned by Mubadala and Investment Corp of Dubai, and close to a potential U.S. listing of Santa Clara-based semiconductor producer Globalfoundries, the sources said. Separately, Abu Dhabi National Oil Company is considering listing its drilling business and its fertiliser joint venture Fertiglobe. Reporting by Saeed Azhar; Editing by Edmund Blair Our Standards: The Thomson Reuters Trust Principles.

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