ABU DHABI, 27th March, 2023 (WAM) — Presight AI Holding, a G42 company and big data analytics company powered by Artificial Intelligence (AI), has listed and commenced trading on the Abu Dhabi Primary Market Its shares trade today on the stock exchange (ADX).
The company’s initial public offering (IPO) was cumulatively oversubscribed 136 times, excluding commitments from the company’s cornerstone investor, International Holding Company (IHC).
The initial public offering, which raised approximately US$496 million (AED1.822 billion), saw strong demand from retail and professional investors.
The listing of Presight now presents an opportunity for investors to gain access to the region’s leading international big data analytics company powered by AI, unlocking positive social impact. The company’s solutions are deployed in three core areas, with significant reach and market growth potential in public services, finance and sports.
Presight also continues to accelerate into other priority areas, leading the use of advanced data analytics to predict environmental impact, enable efficient use of infrastructure, and transform educational outcomes.
Hisham Khalid Malak, Chairman of ADX, said: “We congratulate Presight on its successful IPO and welcome its listing on the Abu Dhabi Securities Exchange. Abu Dhabi plays a key role in its economic diversification strategy. Amid global market volatility, the strong performance of Abu Dhabi’s listed securities and the growing attractiveness of our dynamic capital markets to international investors reflect The emirate is committed to maintaining a robust regulatory and business environment.”
Mansoor Al Mansoori, Chairman of Presight, said: “We are delighted to complete Presight’s IPO and begin our next chapter as the second technology company to list on the ADX, strengthening our position as an industry pioneer. Since our inception in 2020 , we have earned a reputation for combining big data, analytics and artificial intelligence expertise to support insight-driven decision-making at the UAE and international level.
The extraordinary investor demand for our IPO demonstrates their confidence and trust in Presight’s ability to continue its strong growth trajectory. This listing presents a significant strategic opportunity for Presight to realize its growth potential and continue to unlock positive social impact through comprehensive analytics powered by artificial intelligence. We are excited to welcome our new shareholders to the company as we continue to create long-term value. “
Presight’s shares will begin trading on the ADX at 10:00 on March 27, 2023 under the ticker symbol “PRESIGHT” and ISIN “AEE01200P230”. The Shariah committee of Dubai Islamic Bank PJSC, the lead manager for the IPO, has issued a statement confirming that it considers Presight’s shares to be Shariah-compliant.