G42 Group, based in Abu Dhabi, is planning to launch an initial public offering (IPO) for presight.ai, its second subsidiary, by offering 1.35B shares at AED 1.34 each for a total issue size of AED 1.82B.
The sale represents 32% of the company’s share capital, according to a local media advertisement. The subscription for presight.ai’s IPO will be open from March 13 to March 17. Last year, G42 successfully launched the IPO for Bayanat AI, its mobility solutions firm with significant government contracts. G42 hopes to replicate this success by offering presight.ai, an entity that is building an AI-driven portfolio of services with high commercial potential.
The share capital of presight.ai will be AED 560.86M (at 10 fils each) after the IPO. The presight.ai subscription opens on the same day as ADNOC Gas’ listing on ADX, the biggest on the stock exchange so far. According to Mansoor Al Mansoori, Chairman of presight.ai, the company has rapidly evolved since its inception, positioning itself as the region’s leading big data analytics firm powered by AI, and has been entrusted with country-level strategic mandates to drive digital transformation and innovation.
IHC, the Abu Dhabi investment giant, has confirmed its intention to invest in the presight AI Holding offering as a cornerstone investor. The exact value of the investment will be disclosed to the market upon completion of the IPO’s subscription application, regulatory approvals, and formalities, according to IHC.
This follows IHC’s participation as a cornerstone investor in Bayanat AI’s IPO. In presight.ai’s IPO, retail investors have been allocated 168.39M shares, which account for 12.385% of the total. The minimum application size for retail investors is AED 5,000, with additional applications available at AED 1,000 each. Institutional and other professional investors can purchase 1.19B shares, or 87.61% of the total issue size.
presight.ai’s upcoming IPO will broaden the range of technology-focused companies listed on the UAE’s stock markets. While private equity has played a significant role in this space, transitioning to being publicly traded remains a rare move.
