Bayanat IPO: G42-owned company’s IPO oversubscribed 90 times – The National

Bayanat IPO: G42-owned company’s IPO oversubscribed 90 times – The National

Bayanat, a geospatial data products and services provider owned by Abu Dhabi-based artificial intelligence and cloud computing company G42, on Thursday announced the completion of the public subscription for its initial public offering on the first market of the Abu Dhabi Securities Exchange.

The offering attracted significant demand from investors, with gross demand amounting to more than Dh57.5 billion ($15.7bn) — an oversubscription of 379 times excluding cornerstone investors and 90 times on aggregate, Bayanat said in a statement.

The price of the offering was set at Dh1.10 per ordinary share and the total value of the offer shares equalled more than Dh628.5 million. This is equivalent to 22.22 per cent of Bayanat’s share capital at listing.

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The IPO provides us the opportunity to share our success with a wider audience and continue innovating our world-class solutions underpinned by a robust growth trajectory

Tareq Al Hosani, chairman of the board of directors of Bayanat

Bayanat said the listing and commencement of trading in shares on the ADX is expected to start on Monday, subject to customary closing conditions, under the symbol “Bayanat”.

After the IPO, Bayanat will become the first and only listed geospatial intelligence company in the Middle East and North Africa region.

“The overwhelming demand