Abu Dhabi firm G42 subsidiary Bayanat to sell 22.22% stake through IPO

Abu Dhabi firm G42 subsidiary Bayanat to sell 22.22% stake through IPO

Bayanat AI, a subsidiary of G42, will offer 22.22 per cent of its share through an initial public offering (IPO) and list on the First Market of the Abu Dhabi Securities Exchange (ADX).

The Abu Dhabi-headquartered company will sell 571,428,572 shares through the IPO, said a press statement on Sunday.

The subscription period for the listing will open on October 21, 2022, and close on October 25, 2022.

As of the listing date, provided that the offering shares are fully subscribed, 77 per cent of shareholding will be held by Group 42 Holding Ltd.

Bayanat provides comprehensive AI-powered geospatial intelligence to a growing number of sectors such as defence, environment, energy and resources, smart cities and transportation. Its offering includes topographic, hydrographic and aeronautical products and charts, as well as spatial data surveying, analysis, management, modelling, visualization and cartography services.

Bayanat reported revenues of Dh366.7 million for the fiscal year 2021, a year-on-year increase of 48 per cent, compared to Dh247.8 million for 2020. Its gross margin was 48 per cent in 2021 compared to 46 per cent in 2020, while EBITDA increased from Dh76.7 million in 2020 to Dh104.7 million in 2021, representing an increase of 37 per cent year-on-year.

Revenue for the nine months