G42 company Presight AI Holding has announced its intention to proceed with the initial public offering (IPO) of its 24.24% stake, followed by listing on the Primary Market of the Abu Dhabi Securities Exchange (ADX).
The offering consists of 1,359,680,000 new ordinary shares of the company, which are available for subscription by the UAE public. Retail investors placed 168,396,368 shares, accounting for 12.385% of the total allotment shares, and professional investors allotted 1,191,283,632 shares, accounting for 87.615% of the total allotment shares.
The offer period is set to open on March 13, 2023 and end on March 17, 2023. Presight shares are expected to begin trading on the ADX Primary Market on or about March 27, 2023. On March 3, 2023, the UAE Securities and Commodities Authority approved the company’s IPO application.
Presight supports public services and commercial operations of all sizes by unleashing positive societal impact with holistic analytics and AI, delivering insight-driven decision-making at scale across every sector.
The company’s solutions are deployed in three core areas with enormous impact and innovative market growth potential; public services, finance and sports. Presight continues to accelerate into priority areas, leading the use of advanced data analytics to predict environmental impact, enable efficient use of infrastructure, and transform educational outcomes.
Its proprietary Transformative Analytics Quotient (TAQ) platform enables Presight to deliver unparalleled digital transformation to its global clients. TAQ integrates all source data into adaptive artificial intelligence algorithms to deliver actionable insights across all divisions of Presight’s operations. The platform enables clients to effectively understand historical performance, make forecasts more accurately, and make timely decisions that are in the best interest of clients and the general public.
Presight has entered into a cornerstone investment agreement with International Holding Company, through which IHC has committed to invest in the planned IPO. This cornerstone investment agreement demonstrates IHC’s confidence in Presight’s growth trajectory and paves the way for further collaborations and growth opportunities both regionally and globally.
Mansoor Al Mansoori, Chairman of Presight, said: “Presight was originally conceived in 2020 to provide analytics-driven, cloud-first AI solutions to public and private enterprises in the Middle East ecosystem. Presight has grown rapidly since its inception and is now positioned As the region’s leading artificial intelligence big data analytics company, mandated by national strategies to drive digital transformation and innovation.Through our proprietary Transformative Analytics Quotient platform, Presight is supporting insight-driven decision and artificial intelligence to unleash positive social impact.”
Since its inception, Presight has excelled in delivering solutions combining big data, analytics and artificial intelligence expertise. The firm has successfully delivered numerous high-impact projects centered on business and social value creation.
Presight has been integral to managing the UAE’s Covid-19 pandemic and safely welcoming 24 million visitors to Expo 2020 Dubai.
Thomas Pramotedham, CEO of Presight, said: “Today’s announcement marks an important milestone in Presight’s journey. Our intended listing on the Abu Dhabi Stock Exchange is a key step in our five-year strategy to strengthen operational expertise , creating meaningful room for inorganic growth and expanding our services into new markets and territories globally. We have ambitious plans to leverage our solid historical growth and healthy booking pipeline.”
He added: “We have achieved a strong track record of profitability, with the highest net margins among leading AI and cloud organizations with similar digital products and services. We have an experienced leadership team with deep industry expertise Knowledge and a highly predictable revenue stream. Through our long-term commitment contracts, we are well positioned to deliver strong returns to shareholders and stakeholders across the business.”
Presight is a regional leader in AI-enabled big data analytics, supporting businesses and governments through national digital transformation projects. With TAQ at its core, powering 10 flagship solutions and over 100 AI models, Presight is enabling its customers and partners to unlock positive societal change through insight-driven decision-making markers. — trade arab news agency