Mubadala group to put up Abu Dhabi's first IPO since 2017, more to follow

Al Yah Satellite Communications, fully owned by Abu Dhabi's $243 billion sovereign fund, plans to offer a stake of as much as 40% next month.

Satellite operator Yahsat has filed for a listing in Abu Dhabi in what would be the first initial public offering on the emirate’s stock exchange since 2017.

Al Yah Satellite Communications Co., fully owned by Abu Dhabi’s $243 billion sovereign fund Mubadala Investment Co., plans to offer a stake of as much as 40% next month, according to a statement. The company offers satellite communications solutions in over 150 countries.

Abu Dhabi’s top state holdings are stepping up efforts to boost the domestic equity market and diversify the economy away from oil. Sovereign funds ADQ and Mubadala -- alongside the