Big data analytics company Presight AI Holding, a G42 company, said Monday it plans to raise $495 million (AED 1.82 billion) from an initial public offering (IPO) on the Abu Dhabi Securities Exchange's (ADX) first market.
Presight AI plans to sell 1.4 billion shares at an offer price of $0.36 (AED 1.34) a share, its statement showed.
The subscription period will be between March 13 and 17. Presight shares are set to start trading on the ADX first market on or around March 27.
The offering consists of 1.4 billion new ordinary shares for public subscription, 168.4 million for retail investors, and 1.2 billion for professional investors.
The offered shares represent 32% of the company's share capital before listing and 24.24% at the listing date.
Abu Dhabi conglomerate International Holding Co. (IHC) on Monday said it intends invest as a cornerstone investor in the IPO, without disclosing the value of the proposed investment.
The IPO will be managed by First Abu Dhabi Bank and Dubai Islamic Bank.
Presight’s listing is the second IPO from G42’s portfolio. Bayanat, a geospatial and data analytics firm, raised in October $171.42 million (AED 46.7 million) in an IPO backed by US private equity firm Silver Lake.
G42 is also considering more IPOs from its portfolio, including G42 Healthcare and AIQ, its joint venture with UAE national energy firm Adnoc, Bloomberg reported earlier this year, citing people familiar with the matter.
G42 is part of a business empire headed by its chair, Sheikh Tahnoon bin Zayed Al-Nahyan.
Presight’s listing comes days after Abu Dhabi National Oil Company (ADNOC) raised $2.5 billion from its gas unit’s IPO, which drew $124 billion in orders.
Share sales on the Abu Dhabi bourse last year included healthcare provider Burjeel Holdings that raised over $300 million (AED 1.1 billion) from an 11% sale in its IPO; Borouge, a joint venture between Abu Dhabi National Oil Company (ADNOC) and Austrian chemicals producer Borealis that raised $2 billion (AED 7.3 billion); Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, also reaped $1.1 billion (AED 4 billion) from its primary issuance.
The UAE is gearing up for 11 initial public offerings (IPOs) with a value exceeding $2.2 billion (AED 8 billion). The listings include four free zone companies and two special purpose acquisition companies (SPACs) in 2023.
