DUBAI: Abu Dhabi-based G42 Group is launching the initial public offering of its second subsidiary, vision.ai, with a sale of 1.35 billion shares at AED 1.34 each, for an issue size of AED 1.82 billion. The stake sale represents 32 percent of the company’s share capital, according to an advertisement in local media.
Presight.ai IPO subscription starts on March 13th and runs until March 17th.
Late last year, the G42 — with deep-rooted interests in various high-tech-based industries — launched an IPO for Bayanat.AI, a mobile solutions company that holds a major government contract. The IPO, one of the few privately held companies in the UAE in 2022, was an immediate success.
With vision.ai, G42 hopes to follow the same formula – providing an entity that is building a portfolio of AI-related services with high commercial possibility. After the IPO, the entity’s share capital will be AED 560.86 million (Fil 10 per share).
Bayanat.AI shares are quoted at Dh1.1. each. The stock is currently quoted at Dh3.76.
spread artificial intelligence
vision.Ai itself operates as a holding company for 12 entities, established in 2020. Government contracts provide companies with leverage. In 2020, “as COVID-19 becomes a global crisis, the group leverages its solutions to support the UAE government’s analytics-driven pandemic management to keep its borders open,” the ad said.
“The group is now the leading AI big data analytics company in the region, with more than 10 flagship technology solutions, more than 100 AI models, and clients on three continents…”
The addition of vision.ai will expand the range of technology-focused entities listed on the UAE stock market. This is an area where private equity plays a big role, but the move to public ownership remains a rare step. More recently, entities such as Arabic music portal Anghami have chosen to list on Nasdaq, as has Dubai-based public transport solutions provider Swvl.