Abu Dhabi, UAE— Bayanat AI, a geospatial intelligence business, Friday announced the start of the subscription period for its Initial Public Offering (IPO) on the First Market of the Abu Dhabi Securities Exchange (ADX).
In a press statement issued nearly an hour after subscriptions to the IPO opened, the Company announced that it had gathered enough subscriptions to cover the Professional Investors’ offering of 534,285,715 shares. The company’s IPO was oversubscribed 41 times on the remaining shares in the Professional Investor tranche.
The offering saw significant demand in addition to the commitment from the Company’s Cornerstone Investors Silver Lake and International Holding Company (IHC).
Hasan Al Hosani, CEO of the Company, said, “It gives me great pleasure to bear witness to the show of commitment by our Cornerstone Investors – Silver Lake and International Holding Company (IHC), as well as other professional investors. The overwhelming demand for subscription to Bayanat AI’s IPO is a strong reflection of the confidence that our Investors have in our vision and strong growth trajectory.”
The subscription period ends on 25 October 2022 while the listing of shares and trading on ADX is anticipated on 31 October 2022.
Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.