ADX’s latest listing Bayanat AI rises threefold in first 15 minutes

ADX’s latest listing Bayanat AI rises threefold in first 15 minutes

Dubai: The first 15 minutes of trading for ADX’s latest listing – Bayanat AI – has been nothing short of spectacular. The stock, with the IPO price at Dh1.10, went in for an immediate acceleration to Dh4 and by 10.15 had racked up more than Dh70.63 million in value of trades. The stock is now at Dh3.55. The IPO was oversubscribed to the tune of 90x, with the G42-owned company setting down a marker for AI and high-tech to make a debut on the UAE capital markets. Bayanat AI offers geospatial services and is also an emerging player in AI’s self-mobility services, operating proof-of-concept at Yas Island. The company expects to see these new-fangled services reach the actual commercial possibilities shortly.