Presight AI, a unit of Abu Dhabi’s G42 group that focuses on data analytics and artificial intelligence, has bids of Dh94.9 billion ($25.8 billion) for its IPO, which ended Friday. receive.
The offering raised the company $496 million and was oversubscribed an average of 136 times, excluding the commitment of Presight’s cornerstone investor, International Holding Company, it said on Friday.
IHC confirmed its 15 percent cornerstone investment in the offering in a statement to the Abu Dhabi Securities Exchange.
Presight, which was founded in 2020, sold more than 1.35 billion shares at Dh1.34 per share, representing 24.24 percent of the company’s stock at the time of listing.
“The significant oversubscription is a testament to investor confidence in our company’s growth strategy and ability to create value for shareholders,” said Thomas Pramotedham, Chief Executive of Presight.
“The IPO will help us capture significant market growth potential as demand for AI-powered big data analytics continues to grow across multiple sectors.”
Presight shares will trade on March 27th under the symbol “PRESIGHT” on the first market of the ADX.
Based in the Abu Dhabi Global Market, the firm focuses on three sectors it believes have significant potential for innovative market growth – public services, finance and sports.
Presight uses advanced data analytics to predict environmental impacts, enable efficient use of infrastructure, and transform educational outcomes.
It has 10+ flagship technology solutions, 100+ AI models, and customers across three continents.
The company benefits from the increasing demand for big data analysis. Its Transformative Analytics Quotient platform collects and analyzes data from multiple sources that help enable the prediction of likely outcomes that support decision making.
During the Covid-19 pandemic, the company provided analysis support to the UAE government and helped it keep its borders open. It also supported the country as the host of Expo 2020 Dubai.
Presight has expanded its activities since its inception and signed its first international agreement – the National Transformation Program of Digital Angola 2024.
“Presight AI’s IPO is an excellent opportunity to help us build a diversified yet strong portfolio of industries,” said Syed Basar Shueb, Chief Executive of IHC.
“IHC wants to deepen its commitment and investment in technology regionally and globally.”
IHC’s investment in Presight is part of its long-term strategy to build its technology industry capabilities across multiple sectors while growing its IT businesses.
IHC, the UAE’s most valuable listed company, has multiplied its technology deals by more than 200 percent since 2021, exceeding Dh2.1 billion in technology investment.
Middle East IPO action continued to gather momentum in 2023 after the region registered 48 listings in 2022, raising more than $23 billion last year, compared to $7.52 billion from 20 Offered in 2021.
Earlier this month, Adnoc raised about $2.5 billion from the sale of a 5% stake in its gas business, marking the world’s largest listing of the year. Adnoc Gas’s listing was about 50 times oversubscribed and attracted over $124 billion worth of orders.
Updated March 17, 2023 12:42 p.m
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