Al Yah Satellite Communications Company (Yahsat), a wholly-owned subsidiary of Mubadala Investment Company (Mubadala), made a positive start on its Abu Dhabi Securities Exchange (ADX) debut.
The official listing of its shares and the commencement of trading on Wednesday follows a blockbuster Dh2.68 billion initial public offering (IPO).
The company trades under the ticker symbol: YAHSAT. According to the ADX, Yahsat opened at Dh3 per share, hit a low of Dh2.7 and a high of Dh3.1, to end the day at Dh2.8. And the overall index closed in green with 7,079.502, up 0.47 per cent.
Mohammed Ali Al Shorafa Al Hammadi, chairman, ADX, said Yahsat’s listing highlights the key role played by the exchange in Abu Dhabi’s economic diversification strategy by attracting major leading companies.
“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”
Musabbeh Al Kaabi, CEO, UAE Investments at Mubadala and chairman of the board of directors at Yahsat, termed the listing as a “monumental achievement”.
“As Mubadala’s first IPO, and one of the most successful IPOs in the region in the last decade, this key 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.”
Ali Al Hashemi, CEO, Yahsat, said starting the new journey as a listed company is an “important milestone” and further strengthens the group’s position as one of the world’s leading satellite communications services providers.
“We have put in place a strategy that will enable us to not only maintain but also expand our geographical reach and capture future growth opportunities. We will continue to invest in new technologies and infrastructure to meet the global demand for reliable connectivity.”
Saeed Hamad Al Dhaheri, CEO, ADX, noted the listing has further enhanced the market capitalisation of the exchange. “In the coming period, we will continue to roll out new products and services to deepen market liquidity and access to finance.”
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