Presight AI, a G42 firm that concentrates on artificial intelligence and data analytics, declared that its initial IPO had 136 times more demand than available shares, without taking into account the investment pledge from its main investor, International Holding Company.
Presight AI’s IPO amassed an overall gross demand of AED 94.9B. “We are delighted that Presight AI’s IPO has been met with overwhelming interest from both Retail and Professional Investors,” said Thomas Pramotedham, CEO of Presight. “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,” he added.
The subscription window for both Retail and Professional Investors closed on March 17, and it is expected that Presight shares will be listed and begin trading on the ADX on March 27. Furthermore, Presight AI’s cornerstone investor, International Holding Company, has confirmed that it will make a 15% cornerstone investment in the company’s IPO. This move is part of IHC’s long-term strategy to expand its capacity in the tech industry across various sectors and to increase its technology deals, which have already exceeded AED 2.1B in tech investment since 2021.
Syed Basar Shueb, IHC’s CEO, stated that “IHC is seeking to further deepen its involvement and investment in the tech industry regionally and globally. Presight AI’s IPO provides an outstanding opportunity to help us create a diverse yet strong industry portfolio.”
In addition, IHC’s planned Tech Holding company will concentrate not only on obtaining a majority stake in larger tech companies but also in small and medium-sized tech businesses, as it will hold diverse tech verticals under its umbrella.
