Yahsat’s Landmark IPO And Listing On The ADX

Clifford Chance advised the Banks involved in the matter. Allen & Overy team advised Yah Satellite Communications Company PJSC and its shareholder Mubadala.

First Abu Dhabi Bank PJSC, Merrill Lynch International and Morgan Stanley & Co. International plc acted as Joint Global Coordinators and Abu Dhabi Commercial Bank PJSC, EFG Hermes UAE Limited and HSBC Bank Middle East Limited acted as Joint Bookrunners in connection with Mubadala-owned, Al Yah Satellite Communications Company PJSC (Yahsat) landmark IPO and listing on the Abu Dhabi Securities Exchange (ADX).

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.

With operations in more than 150 countries spanning five continents, Yahsat is the preferred partner for reliable integrated satellite communication solutions and an industry centre of excellence for both government and commercial customers. Yahsat was established in the UAE in 2007 to meet the growing demand for satcom services by providing a secure and reliable means of global connectivity, regardless of geographic constraints.

The Clifford Chance team was led by partner and head of the Middle East equity capital markets practice, Mike Taylor (Picture). He was supported by a Dubai-based team including Regional Managing Partner – Middle East, Mohammed Al-Shukairy, senior associates Rezwan Azam and Zahra Shahab; and a London-based US securities team including partner John Connolly, senior associate Christopher Osborne and associate Rachel Sumption.

The Allen & Overy team was led by Abu Dhabi Managing Partner Ibrahim Mubaydeen, Middle East Regional Managing Partner Khalid Garousha and US securities partner Sachin Dave, supported by a cross border team including associates Faisal Buali, Julian Veshi, Katrien Wilmots and Huw Thomas.

Involved fees earner: Faisal Buali – Allen & Overy; Sachin Davé – Allen & Overy; Khalid Garousha – Allen & Overy; Ibrahim Mubaydeen – Allen & Overy; Huw Thomas – Allen & Overy; Julian Veshi – Allen & Overy; Katrien Wilmots – Allen & Overy; Mohammed Al-Shukairy – Clifford Chance; Rezwan Azam – Clifford Chance; John Connolly – Clifford Chance; Christopher Osborne – Clifford Chance; Zahra Shahab – Clifford Chance; Rachel Sumption – Clifford Chance; Mike Taylor – Clifford Chance;

Law Firms: Allen & Overy; Clifford Chance;

Clients: Abu Dhabi Commercial Bank; EFG Hermes; First Abu Dhabi Bank PJSC; HSBC Bank Middle East Limited; Merrill Lynch International; Morgan Stanley; Mubadala; Yahsat;

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