The shares of Presight AI, a unit of Abu Dhabi's G42 group focused on data analytics and artificial intelligence, surged by 163 per cent as the company made its debut on the Abu Dhabi Securities Exchange on Monday.
The shares, which started trading on the ADX under the ticker symbol “PRESIGHT”, jumped to Dh3.52 at the start of trading. They settled at Dh3.25 per share at market close.
Presight, which was founded in 2020, sold more than 1.35 billion shares at Dh1.34 a share, equal to 24.24 per cent of the company’s stock upon listing, attracting Dh94.9 billion ($25.8 billion) in bids for its IPO.
The offering raised $496 million for the company and was oversubscribed 136 times on average, excluding the commitment from Presight’s cornerstone investor International Holding Company, it said on Friday.
"The extraordinary level of investor demand in our IPO demonstrates their confidence and trust in Presight’s ability to continue the strong growth trajectory," Mansoor Al Mansoori, chairman of Presight, said.
"The listing provides an important strategic opportunity for Presight to realise its growth potential and continue to unlock positive societal impact with omni-analytics powered by AI. We are excited to welcome our new shareholders to the company as we continue to deliver value over the long term."
International Holding Company, the most valuable listed company in the UAE, is a cornerstone investor, accounting for 15 per cent of the offering.
Presight 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.
The company uses advanced data analytics to predict environmental impact, enable efficient infrastructure use and transform educational outcomes.
Presight 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 expanded its operations beyond the UAE and signed its first international agreement — the National Transformation Programme of Digital Angola 2024.
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.
Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion from 20 offerings in the previous year.
That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
