G42’s unit Bayanat plans to list over 22% on ADX through IPO

G42’s unit Bayanat plans to list over 22% on ADX through IPO

UAE – Mubasher: Bayanat, a subsidiary of artificial intelligence (AI) and cloud computing firm G42, intends to list 22.22% of its share capital on the main market of the Abu Dhabi Securities Exchange (ADX).

Bayanat will offer 571.42 million shares in an initial public offering (IPO) to list on the First Market of ADX, according to a press release.

The subscription period for the IPO will take place during 21-25 October 2022, whereas the listing date is expected to be on 31 October this year.

Hasan Al Hosani, CEO of Bayanat, said: “We look forward to embarking on this new era of our growth as a listed company on ADX and are confident that this opportunity will provide further impetus to Bayanat’s established market position.”

In the first nine months (9M) of 2022, Bayanat recorded a 101% year-on-year (YoY) hike in revenue to AED 490.60 million, whereas the gross profits enlarged by 104% to AED 225.90 million. The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) widened by 167% YoY to AED 157.50 million in 9M-22.

Last June, G42 partnered with e& to expand the operations of Khazna Data Centres (KDC) and create a digital ecosystem in the UAE.