Presight AI IPO: G42 unit drew nearly $26bn in orders for $496m offering – The National

Presight AI IPO: G42 unit drew nearly $26bn in orders for $496m offering – The National

Presight AI, a unit of Abu Dhabi's G42 group focused on data analytics and artificial intelligence, drew Dh94.9 billion ($25.8 billion) in bids for its initial public offering that ended on Friday.

The offering raised $496 million for the company and was oversubscribed 136 times on average, excluding the commitment from the Presight’s cornerstone investor International Holding Company, it said on Friday.

IHC confirmed its 15 per cent cornerstone investment in the offering, in a statement to the Abu Dhabi Securities Exchange.