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Presight AI Holding Plc, a data analytics firm owned by Abu Dhabi’s G42, plans to raise $495 million from an initial public offering, becoming the second company from the United Arab Emirates’ capital to tap the capital markets this year.
The firm plans to sell 1.36 billion shares at 1.34 dirhams a share, according to an advertisement in Dubai-based Gulf News. At that price, Presight will be valued at 7.51 billion dirhams ($2.04 billion).
Presight’s listing comes days after Abu Dhabi National Oil Co. raised $2.5 billion from its gas unit’s IPO, which is the biggest listing in the world this year so far and drew $124 billion in orders.
The IPOs are the latest in a series of stock sales in the Gulf as governments seek to fund a transition away from fossil fuels and bring more international investors into their markets. At least eight companies are expected to list in the emirate this year, an official said last week.
Presight’s owner G42 is as an artificial intelligence and cloud computing firm, with operations spanning from energy to healthcare, and is chaired by the UAE national security adviser Sheikh Tahnoon Bin Zayed. The firm plans to build up teams in Singapore, Jakarta, Shanghai, as well as in Tel Aviv to support its 42X Fund, Bloomberg reported last month.
International Holding Co., chaired by Sheikh Tahnoon, will be a cornerstone investor in Presight’s listing, the company said in a statement. The IPO will open March 13 and close March 17, and will be managed by First Abu Dhabi Bank PJSC and Dubai Islamic Bank PJSC. Trading is set to start on March 27.
Presight’s listing is the second IPO from G42’s portfolio. Bayanat, a geospatial and data analytics firm, in October raised $171 million in an IPO backed by US private equity firm Silver Lake. Bayanat sold shares at 1.10 dirhams apiece — the stock tripled on debut and closed at 3.76 dirhams on Friday.
G42 is also considering more more IPOs from its portfolio, including G42 Healthcare and AIQ, its joint venture with UAE national energy firm Adnoc, people familiar with the matter said this year.
(Updates with market cap in 2rd paragraph)
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