Clifford Chance advises on Yahsat s IPO, ADX listing
ABU DHABI, 6 hours, 56 minutes ago Leading international law firm Clifford Chance has advised as Banks counsel on Mubadala-owned, Al Yah Satellite Communications Company PJSC (Yahsat) landmark IPO and listing on the Abu Dhabi Securities Exchange (ADX). The banks included First Abu Dhabi Bank PJSC, Merrill Lynch International and Morgan Stanley & Co. International plc (as Joint Global Coordinators) and Abu Dhabi Commercial Bank PJSC, EFG Hermes UAE Limited and HSBC Bank Middle East Limited (as Joint Bookrunners). This is the first IPO listed in the UAE since 2017, and the first ever IPO of a Mubadala subsidiary, representing an important milestone for Abu Dhabi markets and Mubadala. Demand from local and international institutional and retail investors resulted in the IPO being oversubscribed multiple times, further emphasising investor confidence.
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“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, said Ali Al Hashemi, Yahsat s chief executive
. We look forward to their participation in Yahsat’s growth story.”
Yahsat was founded in 2007 and now operates in more than 150 countries across five continents.
Its five satellites reach more than two
thirds of the world’s population. A sixth is expected to launch in the second half of 2023 and begin commercial operations 12 months later.