As Abu Dhabi’s Bayanat opens for subscription, AI finally meets UAE’s IPO wave

As Abu Dhabi’s Bayanat opens for subscription, AI finally meets UAE’s IPO wave

Dubai: In the UAE, the AI tech wave is all set to show up on the IPO boom, with subscriptions opening for Abu Dhabi headquartered Bayanat.AI, which has priced its shares at Dh1.1 apiece. Part of the AI- and healthcare-focussed G42 Group, Bayanat.AI is on target to raise Dh628 million by listing 22.2 per cent of the company at the time of listing on ADX. The subscription period will run until October 25, and start of trade on ADX set for October 31. It follows the successful listing of hospital operator Burjeel Holdings and comes amidst market talk of another ‘imminent’ IPO in Dubai. While geospatial solutions remains a core part of Bayanat.AI – which G42 acquired in 2020 – what has caught the public – and investor’s - eye is the company’s ‘smart mobility’ solutions that have gone live on Yas and Saadiyat islands. Its solutions are behind the autonomous driving already available and which will be expanded as more of the support infrastructure and regulations click into place. “The first level implementation are done while the mass transport system will soon follow in the coming weeks,” said Renyl Rauf, CFO at Bayanat.AI. “We are building predictive capabilities around