Abu Dhabi - Mubasher: Al Yah Satellite Communications Company, owned by Mubadala Investment Company (Mubadala), has set the offer price range for its initial public offering (IPO) on Abu Dhabi Securities Exchange (ADX) at AED 2.55 to AED 3.05 per share.

The subscription period for the IPO of part of Yahsat's existing shares opened on 27 June and will continue until Tuesday, 6 July, for individuals and other investors in the UAE and Thursday, 8 July, for institutions and other investors, according to a press release on Sunday.

The final offer price for the shares is expected to be set on 9 July 2021.

Mubadala will remain a majority shareholder following the offering of at least 30% and up to 40% of Yahsat’s issued share capital, being held by Mamoura Diversified Global Holding, a wholly-owned subsidiary of Mubadala.

Yahsat's shares are expected to start trading on the ADX on 14 July 2021, subject to market conditions and obtaining relevant regulatory approvals.

The CEO of Yahsat, Ali Al Hashemi, said: "We believe that we have established a strong and proven operational and financial track record over the years which, coupled with the ever-growing adoption of technological solutions and promising prospects of the space industry in Abu Dhabi and the UAE more broadly, provides a compelling proposition for potential investors."

It is noteworthy to mention that last week, Yahsat has announced its intention to proceed with the IPO to list its shares on the ADX.