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DUBAI, Oct 27 (Reuters) – Abu Dhabi-based geographic data and analytics provider Bayanat said on Thursday its IPO attracted strong demand of AED57.5 billion.
Bayant offered 22.22% of its share capital at AED1.1 per share, valuing the shares at AED628.6 million ($171.15 million).
Shares will start trading on Monday.
G42, an artificial intelligence firm backed by sovereign wealth fund Mubadala, will continue to own 77 percent of Bayanat.
The listing comes amid an IPO boom in the Gulf as the Saudi Arabian government, Abu Dhabi Dubai’s push for a state-led listing has been hurt by high oil prices and a relative lack of IPOs in other markets.
Bayanat’s website says that in 2008, Bayanat “was born out of the commercialization of the UAE’s military investigation department,” which was established in 1974. It merged into G42 in 2020. In the same year, Mubadala held an undisclosed stake in G42, which is chaired by the UAE’s national security adviser.
According to his LinkedIn, Bayanat’s CEO is Hasan Al Hosani, a former officer in the UAE Armed Forces, business development consultant and co-founder of a security systems company.
Bayanat, which provides measurement technology for AI algorithms, said in a statement that it will be “the only publicly traded AI geospatial solutions company in the MENA region.”
Dubai Islamic Bank is the lead manager, First Abu Dhabi Bank is the lead receiving bank and International Securities is the lead placing agent for the IPO. Hadef & Partners acted as legal counsel.
(1 USD = 3.6729 UAE Dirham)
Reporting by Yusuf Saba; Editing by Susan Fenton
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