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Abu Dhabi AI firm’s $496m IPO sees $26bn in orders

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(Bloomberg) – Abu Dhabi’s G42-owned data analytics firm Presight AI Holding Plc has secured orders worth $25.8 billion in its $496 million IPO, the latest sign of strong demand for Middle Eastern products.

Most reads come from Bloomberg

The listing, which would be Abu Dhabi’s second this year, was 136 times oversubscribed — excluding commitments from cornerstone investor International Holding Co. The owner of Presight is selling 1.36 billion shares at 1.34 dirhams each and is expected to debut on March 27.

The Middle East remains a bright spot for global IPOs after high oil prices boosted stocks last year and drove investor inflows. At least eight companies are expected to list in Abu Dhabi this year, an official said this month.

Earlier this week, Adnoc Gas surged 25% after its Abu Dhabi IPO in what would become the world’s largest IPO by 2023, while Dubai-based currency exchange firm Al Ansari Financial Services rallied within an hour of the opening bell. Orders for all stocks received.

G42, owner of Presight, is an artificial intelligence and cloud computing company with businesses ranging from energy to healthcare. Last year, the company sold a stake in geospatial and data analytics company Bayanat.

Most reads come from Bloomberg Businessweek

©2023 Bloomberg Intelligence

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