Abu Dhabi AI Firm IPO Gets $26 Billion in Orders
(Bloomberg) -- Presight AI Holding Plc, a data analytics firm owned by Abu Dhabi’s G42, drew orders worth $25.8 billion for its $496 million IPO, in the latest sign of strong demand for Middle Eastern offerings.
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The listing will be Abu Dhabi’s second of the year, and was oversubscribed by 136 times — excluding the commitment from cornerstone investor, International Holding Co. Presight is selling 1.36 billion shares at 1.34 dirhams a share, and the trading debut is expected on March 27.
The Middle East continues to be a bright spot for IPOs globally after high oil prices buoyed stock markets and drove investor inflows last year. At least eight companies are expected to list in Abu Dhabi this year, an official said this month.
Earlier this week, Adnoc Gas surged as much as 25% on its Abu Dhabi debut after the world’s largest IPO of 2023, while Dubai-based money exchange firm Al Ansari Financial Services received orders for all shares offered within an hour of books opening.
Presight’s owner G42 is as an artificial intelligence and cloud computing firm, with operations spanning from energy to healthcare. Last year, the firm sold shares in Bayanat, a geospatial and data analytics company.
(Corrects second paragraph of story published on March 17 to say that Presight is selling the shares, not G42.)
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