Abu Dhabi G42-owned Bayanat announces intent to list on ADX

Abu Dhabi G42-owned Bayanat announces intent to list on ADX

Bayanat, a geospartial and data analytics firm owned by Abu Dhabi’s G42, has announced its intent to offer 571.42 million shares for public subscription. It will represent 22.22 per cent of its share capital at the initial public offering and list the company on the First Market of the Abu Dhabi Securities Exchange (ADX). The subscription period for the listing will open on October 21 and close on October 25. The company intends to list on ADX on October 31, 2022. As at listing date, provided that the offering shares are fully subscribed, 77% shareholding will be held by Group 42 Holding Ltd. “Throughout its 45 year heritage, and since becoming a member of the G42 ecosystem in 2020, Bayanat has been leveraging artificial intelligence and its developmental capabilities to offer differentiated geospatial AI solutions. We are confident that the Company is now strategically positioned to enter a new phase of growth with its planned listing on ADX as we look to deliver sustained shareholder value,” said Tareq Al Hosani, chairman of the board of directors. Investor demand for listings in the Gulf has been strong, with the region emerging as a bright spot in a quiet IPO market globally.