Al Yah Satellite Communications Co. (Yahsat) has set an indicative price range of 2.55-3.05 dirhams a share 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.