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Abu Dhabi royal-backed G42 plans $495 mln IPO for big data analytics firm Presight.ai

Middle East

06-03-2023 | 06:23

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Abu Dhabi royal-backed G42 plans $495 mln IPO for big data analytics firm Presight.ai

Abu Dhabi artificial intelligence firm G42 plans to float its big data analytics unit Presight.ai via an 1.82 billion dirham ($495.6 million) initial public offering (IPO) and list its shares on the local stock exchange.

Presight aims to offer 1.36 billion new shares, representing 32 percent of the company before the offering, at 1.34 dirhams each via a capital increase, according to an announcement.

The offer period begins March 13 and ends on March 17.

G42 is part of a business empire overseen by its chair, Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser and has been a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan.

Sheikh Tahnoon's financial interests include local conglomerate International Holding Company (IHC.AD), which has entered the IPO as a cornerstone investor, and sovereign wealth fund ADQ.

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