Abu Dhabi G42-owned Bayanat seeks to raise $171 mln from IPO

Abu Dhabi G42-owned Bayanat seeks to raise $171 mln from IPO

Bayanat, a geospatial and data analytics firm owned by Abu Dhabi’s G42, plans to raise $171 million from an initial public offering, joining a steady flow of Gulf companies tapping the capital markets.

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The firm plans to sell a 28.5 percent stake, or 571.4 million shares, at 1.1 dirhams a share, according to an advertisement in Gulf News. The IPO will open Oct. 21 and close Oct. 25, and will be managed by First Abu Dhabi Bank PJSC and International Securities LLC among others.

Investor demand for listings in the Gulf has been strong, with the region emerging as a bright spot in a quiet IPO market globally. Still, the outlook is darkening with oil falling about 40 percent since June on fears that a global economic slowdown caused by central banks’ aggressive policy tightening will hurt energy consumption.

Abu Dhabi healthcare provider Burjeel Holdings Plc earlier this month raised $300 million from a scaled-down IPO and its shares closed 20 percent higher last week.

In Saudi Arabia, oilfield-services firm Arabian Drilling Co. drew $43 billion in orders for its $710 million IPO this month, while utility Marafiq secured enough investor