Al Yah Satellite Communications Company (Yahsat), a leading satellite communications services provider, has announced the official listing of its shares and the commencement of trading on the Abu Dhabi Securities Exchange (ADX).

 

This follows the completion of the company's initial public offering now traded under the ticker symbol Yahsat, a company statement said.

 

ADX Chairman Mohammed Ali Al Shorafa Al Hammadi said: “The listing of Yahsat highlights the key role ADX is playing in Abu Dhabi’s economic diversification strategy by attracting major leading companies to float and list on the exchange." 

 

"Abu Dhabi’s solid regulatory environment, the culture of innovation that has been fostered by the Emirate’s leadership is also increasingly attracting global investors who recognise the strength and potential of Abu Dhabi’s capital market attractiveness," Al Hammadi added.

 

CEO of UAE Investments at Mubadala and Yahsat Chairman Musabbeh Al Kaabi said: “Today’s listing of Yahsat on ADX marks a remarkable achievement for Mubadala and Yahsat. As Mubadala’s first IPO, and one of the most successful IPOs in the region in the last decade, this milestone is a reflection of investor confidence in the capital markets of Abu Dhabi and reiterates our active role in enabling the post-pandemic recovery in the global economy." 

 

"The listing of Yahsat is also a testament to the sophisticated investor appetite from local and international retail and institutional investors by attracting capital to Abu Dhabi’s financial markets and signals a growing demand for communications technologies," he added.

 

Yahsat CEO Ali Al Hashemi added: “Today’s announcement marks an important milestone in the journey of Yahsat as we begin life as a listed company. We are committed to building on our strong and proven operational and financial performance to date, in an effort to further strengthen the Group’s position as one of the world’s leading satellite communications services providers."

 

ADX CEO Saeed Hamad Al Dhaheri said: “We are pleased to welcome the listing of Yahsat to the Abu Dhabi Securities Exchange. The listing demonstrates the success of our ADX One strategy in providing access to capital for companies’ growth and a diversified sector representation for investment in the exchange. The listing of Yahsat has also enhanced the market capitalisation of the ADX following the AED1 trillion ($13.4 billion) milestone that it recently surpassed."

 

The IPO is the first one of a Mubadala subsidiary supported since inception and creates a new platform and route for further value creation.

 

Through the Yahsat IPO, Mubadala was able to raise AED2.68 billion by selling 40% of share capital at AED2.75 per share, resulting in the Group’s market capitalisation of approximately AED6.7 billion. Tranches were oversubscribed by multiple times, indicating strong interest in participating in Yahsat’s growth story and its future plans.-TradeArabia News Service