Bayanat, a geospatial data products and services provider owned by Abu Dhabi-based artificial intelligence and cloud computing company G42, aims to raise more than Dh628.5 million ($171m) from its initial public offering.
The company is selling 571.4 million shares, at an offer share price of Dh1.10, it said on Friday. The sale is equivalent to 28.5 per cent of the company's share capital before the offering and 22.22 per cent based on the share capital of the company at listing.
The subscription period for the listing starts on October 21 and ends on October 25, with the company planning to list on the first market of the Abu Dhabi Securities Exchange on October 31.
Provided the offering's shares are fully subscribed, G42 will retain 77 per cent ownership of the company following the listing.
Private equity company Silver Lake, which manages more than $92 billion in combined assets and taken up stakes in some of the world's best-known technology companies — including Airbnb, Chinese payments giant Ant Financial, Expedia Group and Twitter — is a cornerstone investor.
International Holding Company, the most valuable business listed on the Abu Dhabi bourse, will also be cornerstone investor in the IPO.
G42 acquired Bayanat in 2020. The company was born out of the commercialisation of the UAE's Military Survey Department, a sector of the UAE Armed Forces.
It provides national level mapping and geospatial products and services for both the public and private sectors in the UAE.
After the IPO, Bayanat will become the first and the only listed geospatial intelligence company in the Mena region.
Bayanat registered an annual 48 per cent increase in revenue, which stood at Dh366.7m in its 2021 fiscal year, according to the company.
Revenue for the first nine months of 2022 more than doubled to about Dh491m. Gross profit in the period to the end of September more than doubled to Dh225.9m while and earnings before interest, taxes, depreciation and amortisation more than tripled to Dh157.5m.
First Abu Dhabi Bank is the lead receiving bank on the IPO, Dubai Islamic Bank the lead manager and International Securities the lead placement agent.
Bayanat's IPO comes after a flurry of listings in the UAE and wider region, where investor demand has been strong as economies rebound at a quicker pace from the coronavirus-induced slowdown and liquidity has been shored up by high oil prices.
Various government-owned companies have gone public in the UAE and private companies are now following suit.
Earlier this month, Abu Dhabi healthcare provider Burjeel Holdings listed its shares on the ADX after raising more than Dh1.1bn from an 11 per cent stake sale in the company’s IPO.
Other companies to list on the bourse this year include Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, and the Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate.
Nine companies listed on the ADX last year, including Adnoc Drilling, Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, Alpha Dhabi, the property and construction company owned by IHC, and Yahsat, the satellite operator owned by Mubadala Investment Company.
Abu Dhabi’s LuLu Group International is also planning to launch an IPO next year.
Last year, Abu Dhabi also announced a Dh5bn IPO fund to encourage and support private companies to list on the local stock market.
ADX, the Arab world's second-largest stock market, recorded a surge in liquidity and foreign investment in 2021 on the back of new listings, anchoring it as one of the world’s best-performing equity gauges in 2021.
The bourse's market value has soared throughout the past year, with its capitalisation reaching about Dh2.3 trillion as of the close of trading on Friday.
Dubai, which plans to list 10 state-owned companies to increase the size of its financial market to about Dh3tn, has also registered a number of IPOs.
In September, the emirate's toll operator Salik raised Dh3.73bn from the sale of a 24.9 per cent stake.
The Dubai Water and Electricity Authority raised Dh22.41bn from its IPO earlier in the year, making it the largest public float in the Middle East and Europe since Saudi Aramco went public in 2019.
Tecom, the operator of business districts in Dubai, also made its debut on the DFM in early July, having raised Dh1.7bn from its IPO a month earlier.
The number of listings in the Mena market increased sixfold during the first six months of this year, with 24 IPOs raising $13.5bn, according to an EY report on the region's IPOs. In the second quarter of 2022, nine IPOs raised about $9bn.
The UAE was the biggest IPO market in terms of the aggregate value of deals while Saudi Arabia led in terms of volume, with five IPO deals in the first six months of the year, according to EY's data.
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Kibsons%20Cares
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Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Labour dispute
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- Abdullah Ishnaneh, Partner, BSA Law
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
The%20specs
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KILLING OF QASSEM SULEIMANI
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The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
UAE currency: the story behind the money in your pockets
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
UAE currency: the story behind the money in your pockets
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Spain drain
CONVICTED
Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.
Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.
Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.
SUSPECTED
Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.
Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.
Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.
Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.
Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.
UAE currency: the story behind the money in your pockets
Japan 30-10 Russia
Tries: Matsushima (3), Labuschange | Golosnitsky
Conversions: Tamura, Matsuda | Kushnarev
Penalties: Tamura (2) | Kushnarev
