(Bloomberg) — Satellite operator Yahsat plans to list a stake of as much as 40% in Abu Dhabi next month, in what would be the first IPO 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., has hired Abu Dhabi Commercial Bank, First Abu Dhabi Bank and HSBC Holdings Plc as joint lead managers, according to an advertisement in the National. The company offers satellite communications solutions in over 150 countries.

Yahsat’s share sale would mark the first IPO in Abu Dhabi since Abu Dhabi National Oil Co. for Distribution PJSC began trading in 2017. Sovereign funds ADQ and Mubadala — alongside the emirate’s state oil company — have signaled their intentions to list more assets locally.

Offer Details:

IPO for minimum 731.9 million shares and a maximum 975.9 million shares, representing minimum 30% stake and maximum of 40% stake in the companyOffer expected to close July 6 for first and third tranche and July 8 for second trancheFinal offer price and size: July 9Expected date of listing in Abu Dhabi: July 14Link to advertisement in the National

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