Bayanat AI PLC, a G42 Company, IPO oversubscribed 90 times

Bayanat AI PLC, a G42 Company, IPO oversubscribed 90 times

- Trading on ADX is due to commence on 31 October 2022

- Following the listing of its shares, Bayanat AI PLC will officially become the first-of-its-kind technology public company in the GCC and the only listed AI-powered geospatial solutions company in the MENA region

Abu Dhabi: Bayanat AI PLC, a public company limited by shares incorporated in the Abu Dhabi Global Market (the “Company”), one of the region’s leading high-growth AI-powered geospatial solutions businesses, today announced the successful completion of the public subscription process for its initial public Offering (“IPO” or the “Offering”) on the First Market of the Abu Dhabi Securities Exchange (“ADX”).

The price of the Offering was set at AED 1.10 per ordinary share with the total value of the Offer Shares equaling AED 628,571,429, equivalent to 22.22% of Bayanat’s share capital at listing.

The Offering saw significant demand from investors with total gross demand for the Offering amounting to over AED 57.5 billion, implying an oversubscription of 379 times excluding Cornerstone Investors and 90 times on aggregate.

On 21 October 2022, the Professional Investor tranche, which offered 534,285,715 shares, was oversubscribed 41x within hours of the subscription open period, which excluded commitments received from Cornerstone Investors.

Commenting on the announcement, His