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Mubadala satellite operator Yahsat jumps on debut, boosting Abu Dhabi IPO push

Abu Dhabi’s exchange has been reaching out to state-run and family-owned companies, offering incentives such as flexibility on the minimum required stake size and reduced or zero fees Satellite operator Yahsat jumped on its trading debut in Abu Dhabi, bolstering the emirate’s efforts to revive listings on an exchange that last hosted an IPO in

Abu Dhabi’s exchange has been reaching out to state-run and family-owned companies, offering incentives such as flexibility on the minimum required stake size and reduced or zero fees

Satellite operator Yahsat jumped on its trading debut in Abu Dhabi, bolstering the emirate’s efforts to revive listings on an exchange that last hosted an IPO in 2017.

Al Yah Satellite Communications Co. rose as much 13 percent on Wednesday to 3.10 dirhams. The company is owned by Abu Dhabi’s $243 billion sovereign fund Mubadala Investment Co., which will retain a majority stake after the listing.

Abu Dhabi’s exchange has been reaching out to state-run and family-owned companies, offering incentives such as flexibility on the minimum required stake size and reduced or zero fees, Bloomberg reported in May.

Mubadala-owned Yahsat opens IPO to UAE investors

Yahsat’s share sale marks the first IPO in Abu Dhabi since Abu Dhabi National Oil Co. for Distribution PJSC began trading in 2017

Mubadala is close to listing Emirates Global Aluminium PJSC, while state-run Abu Dhabi National Oil Co. is considering selling shares in its drilling business and has started preparations for a potential IPO of its fertilizer joint venture.

Yahsat’s share sale is the second-largest on record in the emirate, after Abu Dhabi National Oil Co. for Distribution PJSC raised $850.8 million in a 2017 offering, according to data compiled by Bloomberg. It is also the first IPO in Abu Dhabi since that listing.

Mubadala had sold 975.9 million shares in Yahsat for 2.75 dirhams each, the mid point of a marketed range. The sale attracted foreign and “high quality” investors, the company said in a statement last week.

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