Yahsat shares rise on Abu Dhabi trading debut

Al Yah Satellite Communications (Yahsat), a subsidiary of Mubadala Investment Company, has witnessed a 1.8% rise on its stock market debut in Abu Dhabi, after raising Dh2.68 billion (US$730m) via its IPO.

The share was selling for Dh2.75 per share when the market opened, rising during trading hours to Dh3.10 before falling slightly to Dh2.80 by the close of the market. Yahsat’s shares were the day’s most traded stock with over 107 million shares being exchanged, a share volume valued at Dh322m.

The ADX benchmark index rose by 0.47%, as market capitalization hit an all-time high of Dh1.26 trillion.

“Today’s listing of Yahsat on ADX marks a monumental achievement for Mubadala and Yahsat,” said Musabbeh Al Kaabi, Chairman at Yahsat.

“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.”

Yahsat sold 975.9 million shares, approximately 40% of its total value, via its IPO, which it says was “multiple times oversubscribed”, with high demand from retail and institutional investors.