Presight AI, a unit of Abu Dhabi's G42 group focused on data analytics and artificial intelligence, drew Dh94.9 billion ($25.8 billion) in bids for its initial public offering that ended on Friday.
The offering raised $496 million for the company and was oversubscribed 136 times on average, excluding the commitment from the Presight’s cornerstone investor International Holding Company, it said on Friday.
IHC confirmed its 15 per cent cornerstone investment in the offering, in a statement to the Abu Dhabi Securities Exchange.
Presight, which was founded in 2020, sold more than 1.35 billion shares at Dh1.34 a share, equivalent to 24.24 per cent of the company’s stock upon listing.
“The significant oversubscription is a testament to investor confidence in our company’s growth strategy and ability to create value for shareholders," said Thomas Pramotedham, chief executive of Presight.
"The IPO will help us capitalise on significant potential for market growth as demand for big data analytics powered by AI continues to grow across multiple sectors.”
Presight shares will start trading on the ADX's first market on March 27 under the symbol “PRESIGHT”.
The company is based at the Abu Dhabi Global Market and focuses on three sectors that it says have significant potential for innovative market growth — public services, finance and sports.
Presight uses advanced data analytics to predict environmental impact, enable efficient infrastructure use and transform educational outcomes.
It has more than 10 flagship technology solutions, in excess of 100 AI models and clients on three continents.
The company is capitalising on rising demand for Big Data analytics. Its Transformative Analytics Quotient platform, gathers and analyses multi-source data that helps to enable forecasting of probable outcomes that support decision-making.
During the Covid-19 pandemic the company supported the UAE government with analytics, helping it to keep its borders open. It also supported the country as it hosted the Expo 2020 Dubai.
Presight has grown its operations since it was founded and signed its first international agreement — the National Transformation Programme of Digital Angola 2024.
“Presight AI’s IPO is an excellent opportunity to help us create a diversified yet strong industry portfolio," said Syed Basar Shueb, IHC’s chief executive.
"IHC is looking to deepen its engagement and investment in the tech space regionally and globally."
IHC's investment in Presight is part of its long-term strategy to grow its capacity in the tech industry across different sectors while it scales up its information technology businesses.
The UAE's most valuable listed company, IHC has multiplied its technology deals by more than 200 per cent since 2021, crossing Dh2.1 billion in tech investment.
The IPO drive in the Middle East has continued to gather pace in 2023 after the region registered 48 listings in 2022 that raised more than $23 billion last year, compared with $7.52 billion from 20 offerings in 2021.
Earlier this month, Adnoc raised about $2.5 billion from the sale of a 5 per cent stake in its gas business, marking the year's largest listing globally. The Adnoc Gas listing was about 50 times oversubscribed and drew more than $124 billion in orders.
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More on Quran memorisation:
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Killing of Qassem Suleimani
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Russia's Muslim Heartlands
Dominic Rubin, Oxford
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Killing of Qassem Suleimani
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