UAE - Mubasher: Al Yah Satellite Communications Company, owned by Mubadala Investment Company (Mubadala), is intending to proceed with the initial public offering (IPO) to list its shares on the Abu Dhabi Securities Exchange (ADX).

Yahsat will include at least 30% of its issued share capital, being held by Mamoura Diversified Global Holding which is a wholly-owned subsidiary of Mubadala, in the offering, according to a press release on Monday.

The offering and subsequent listing are expected during the third quarter (Q3) of 2021, subject to market conditions and relevant regulatory approvals.

The offering will comprise the UAE retail offering and the qualified investor offering.

First Abu Dhabi Bank (FAB), Merrill Lynch International, and Morgan Stanley & Co. International have been appointed as joint global coordinators.

Meanwhile, Abu Dhabi Commercial Bank (ADCB), EFG Hermes UAE Limited, and HSBC Bank Middle East Limited have been selected as joint bookrunners.

The CEO of UAE Investments at Mubadala and Chairman of Yahsat, Musabbeh Al Kaabi, said: "In line with our mandate to drive technological transformation and economic diversification of the UAE, we strive to develop a world-class innovation and technology-driven ecosystem that attracts investment in Abu Dhabi and the UAE more broadly."

Meanwhile, the CEO at Yahsat, Ali Al Hashemi, commented: "Today’s announcement marks an important milestone in Yahsat’s journey as we continue to build on our strong national and international partnerships and invest in new technologies to drive future growth."