Cairo - Mubasher: EFG Hermes has completed advisory to Al Yah Satellite Communications (Yahsat), a fixed and mobile satellite services operator owned by UAE's Mubadala Investment Company (Mubadala), on its AED 2.7 billion initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

The transaction, the first IPO in Abu Dhabi since 2017, involved the offering of 975.9 million shares, or 40% of the share capital of Yahsat, to institutional and retail investors at an offer price of AED 2.75 per share, EFG Hermes said in a statement on Wednesday. 

The financial services corporation acted as a joint bookrunner on the IPO as Yahsat started to trade on Wednesday under the stock symbol YAHSAT.