The data analytics company Presight AI Holding Plc, which is owned by Abu Dhabi’s G42, has announced its intention to raise $495 million through an initial public offering. If successful, the company will become the second business from the capital of the United Arab Emirates to access the capital markets in 2018.
According to an advertising that was published in the Dubai-based newspaper Gulf News, the company has intentions to offer 1.36 billion shares at a price of 1.34 dirhams each. At such price, the value of Presight will be 7.51 billion dirhams, which is equivalent to $2.04 billion.
The listing of Presight occurs just a few days after Abu Dhabi National Oil Co. generated $2.5 billion from the initial public offering (IPO) of its gas arm. This transaction is the largest listing in the world so far in 2018 and attracted orders totaling $124 billion.
As governments in the Gulf aim to support a transition away from fossil fuels and entice more international investors into their markets, the initial public offerings (IPOs) are the latest in a succession of stock sales that have taken place in the region. An official from the emirate stated last week that they anticipate at least eight companies would issue their shares in the emirate this year.
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Sheikh Tahnoon Bin Zayed, who serves as the national security adviser for the United Arab Emirates, chairs the artificial intelligence and cloud computing company G42, which owns Presight. G42’s operations range from the energy sector to the healthcare industry. According to a Bloomberg article from earlier this month, the company intends to support its 42X Fund by establishing staff in Singapore, Jakarta, and Shanghai in addition to Tel Aviv.
According to a statement released by the firm, International Holding Co., which is headed up by Sheikh Tahnoon, would function as a cornerstone investor in Presight’s listing. First Abu Dhabi Bank PJSC and Dubai Islamic Bank PJSC will be in charge of managing the initial public offering (IPO), which will begin trading on March 13 and end on March 17. The 27th of March is the scheduled start date for trading.
The listing of Presight marks G42’s second initial public offering (IPO) from its portfolio. In October, the geospatial and data analytics company Bayanat successfully completed an initial public offering (IPO), which was supported by the private equity firm Silver Lake. Bayanat was selling shares at a price of 1.10 dirhams each; the company’s stock tripled in value on its first trading day and finished the week at 3.76 dirhams.
This year, individuals familiar with the situation stated that G42 is considering the possibility of launching additional initial public offerings (IPOs) from its portfolio of companies. These companies include G42 Healthcare and AIQ, which is the company’s joint venture with the UAE national energy firm Adnoc.
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