UAE - Mubasher: Al Yah Satellite Communications Company (Yahsat), owned by Mubadala Investment Company (Mubadala), has attracted investor demands enough to cover the order book for its initial public offering (IPO) on Abu Dhabi Securities Exchange (ADX), sources told Reuters.
The sources referred that Yahsat, an Abu Dhabi-based satellite company, seeks to raise as much as $810 million from the IPO.
Yahsat's order books covered on an offer size of 40% of the company, as announced by the sources, declining to be named as the matter is not public.
The subscription period for the IPO opened on 27 June and will continue until Tuesday, 6 July, for individuals and other investors in the UAE and Thursday, 8 July, for institutions and other investors.
It is noteworthy to mention that on 27 June, Yahsat set the offer price range for its IPO for up to 40% of its issued share capital, being held by Mamoura Diversified Global Holding, on the ADX at AED 2.55 to AED 3.05 per share.
