Mubadala Seeks to IPO Yahsat
Posted on 06/24/2021
Abu Dhabi-based Mubadala Investment Company will at least 30% of Al Yah Satellite Communications Company PJSC’s (Yahsat) issued share capital to retail and institutional investors through initial public offering (IPO). Yahsat has hired Abu Dhabi Commercial Bank, First Abu Dhabi Bank, and HSBC Holdings as joint lead managers.
Yahsat is expected to be listed in ADGM on July 14, 2021. The IPO is for a minimum of 731.9 million shares and a maximum of 975.9 million shares, representing minimum 30% stake and maximum of 40% stake in the company.
Yahsat is a satellite services operator and offers satellite communications solutions in over 150 countries.
The subscription period begins on June 27, 2021. Before the offering, Mamoura Diversified Global Holding PJSC (owned by Mubadala Investment Company) owned 100% of the shares of Yahsat.
Yahsat has a high-quality satellite fleet that provides services using a wide selection of spectral bands (Ka-band, Ku-band, C-band and L-band). Its first two satellites, Al Yah 1 and Al Yah 2, were launched in April 2011 and April 2012, respectively. Yahsat’s third satellite, Al Yah 3, was launched in January 2018. The satellite company also added two satellites, Thuraya-2 and Thuraya-3, to its fleet through the acquisition of Thuraya in 2018, with these satellites launched in June 2003 and January 2008, respectively.
Yahsat’s largest revenue line is the leasing of secure satellite capacity on Al Yah 1 and Al Yah 2, principally to the Abu Dhabi government. Meteoroid events and increased solar activity pose a potential threat to all in-orbit satellites.
