Presight AI surges 176% in Abu Dhabi debut after $496m IPO

Presight AI surges 176% in Abu Dhabi debut after $496m IPO

Presight AI Holding shares soared 176 per cent on its trading debut Monday after the big data analytics firm raised $496m (Dhs1.7bn) in its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The company’s shares shot up as much as 176 per cent to Dhs3.70 compared to Presight’s IPO price of Dhs1.34 apiece, taking its market capitalisation to Dhs18.2bn. However, the stock retreated and closed the market at Dhs3.25. Presight AI, the data analytics firm’s parent G42 Group, sold 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital. Abu Dhabi-based International Holding Company was the cornerstone investor in Presight AI’s IPO, which was oversubscribed 136 times. “We are delighted to have completed Presight’s IPO and to begin our next chapter as only the second technology company to be listed on the ADX, reinforcing our position as a pioneer in the industry,” said Mansoor Al Mansoori, chairman of Presight AI. Presight AI’s listing is the second IPO from G42’s portfolio. Bayanat, a geospatial and data analytics firm, raised $171m in an IPO backed by US private equity firm Silver Lake in October 2022. G42 is reportedly considering more IPOs from its portfolio, including G42