Abu Dhabi-based data analytics firm Presight AI Holding, which is owned by G42 Group, has raised $496m in its initial public offering (IPO), attracting bids worth Dhs94.9bn. G42 sold 1.35 billion shares of Presight AI at a fixed price of Dhs1.34 each, equivalent to 24.24% of the company’s paid-up capital.
The IPO was oversubscribed 136 times, with Abu Dhabi-based International Holding Company as the cornerstone investor. Presight AI’s listing on the Abu Dhabi Securities Exchange is scheduled to commence on 27 March. The company’s revenue rose 16% to $423m for the year ended 31 December 2022, while its full- year net profit surged 55% to $148m. Presight AI plans to invest in expanding its footprint across four continents, with the aim of generating more than half its revenue from international contracts starting in 2026.