G42’s data analytics unit Presight AI surges on Abu Dhabi bourse debut
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.
The company’s shares, which started trading on the ADX yesterday under the ticker symbol “PRESIGHT”, jumped to Dh3.52 a share at the start of the session before settling at Dh3.25 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. The offering attracted about Dh94.9 billion ($25.8 billion) in bids.
The offering raised $496 million and was oversubscribed 136 times on average, excluding the commitment from Presight’s cornerstone investor International Holding Company, the company 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,” said chairman Mansoor Al Mansoori.
“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 [artificial intelligence]. 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 business in the UAE, is a cornerstone investor, accounting for 15 per cent of the offering.
Presight AI is based at the Abu Dhabi Global Market and focuses on three sectors 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 growing 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 Covid-19, 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 gathered pace this year 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, 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 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.
Presight has more than 10 flagship technology solutions, in excess of 100 AI models and clients on three continents