Silver Lake backs Abu Dhabi firm Bayanat’s $171 million IPO

Silver Lake backs Abu Dhabi firm Bayanat’s $171 million IPO

Bayanat, a geospatial and data analytics firm owned by Abu Dhabi’s G42, is set to raise $171 million in an initial public offering backed by US private equity firm Silver Lake and the United Arab Emirates’ most valuable company.

G42 is selling 571.4 million shares in Bayanat at 1.10 dirhams ($0.27) each. Silver Lake and Abu Dhabi’s International Holding Co. will invest at that price, though the size of the commitment wasn’t immediately clear.

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Artificial intelligence firm G42, which has operations spanning from energy to healthcare, will hold 77 percent in Bayanat after the listing.

Bayanat said professional investors’ offering of 534.3 million shares were covered within hours of the IPO opening for subscription on Friday.

The subscription period for the offer closes on Tuesday and trading is set to start on October 31.

G42 and IHC -- the UAE’s most valuable listed company that’s worth $193 billion -- are part of a business empire overseen by UAE national security adviser Sheikh Tahnoon Bin Zayed.

Silver Lake bought a stake in G42 last year, and the firm also counts Abu Dhabi wealth fund Mubadala Investment Co. as an investor.

Bayanat last year started