Abu Dhabi royal-backed G42 plans $495 mln IPO for big data analytics firm Presight.ai – Reuters

Abu Dhabi royal-backed G42 plans $495 mln IPO for big data analytics firm Presight.ai – Reuters

DUBAI, March 6 (Reuters) - Abu Dhabi artificial intelligence firm G42 plans to float its big data analytics unit Presight.ai via an 1.82 billion dirham ($495.6 million) initial public offering (IPO) and list its shares on the local stock exchange.

Presight aims to offer 1.36 billion new shares, representing 32% of the company before the offering, at 1.34 dirhams each via a capital increase, according to an announcement.

The offer period begins March 13 and ends on March 17.