Abu Dhabi, UAE – Presight AI Holding, a data analytics company owned by G42, has received AED1.7 billion ($496 million) in its initial public offering (IPO), which attracted bids worth AED 94.9 billion ($25.8 billion).
The offer was oversubscribed 136 times in aggregate, excluding the commitment from the company’s main investor, International Holding Company.
Presight offered 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital. The company is expected to begin trading on the Abu Dhabi Exchange on Mar 27, 2023. Presight is the second G42 to list, after Bayanat, a geospatial and data analytics firm, raised $171 million in an IPO in October 2022.
Presight reported a 35 percent rise in net profit for 2022 to reach $147 million, while its revenue increased by 63 percent to reach $265 million. The company’s listing comes days after ADNOC Gas’s trading debut on the ADX after raising $2.5bn in the world’s biggest flotation this year.
Thomas Pramotedham, CEO of Presight, said, “The significant oversubscription is a testament to investor confidence in our company’s growth strategy and ability to create value for shareholders. The IPO will help us capitalize on significant potential for market growth as demand for big data analytics powered by AI continues to grow across multiple sectors.”