UAE: Bayanat AI PLC’s IPO oversubscribed 90 times

UAE: Bayanat AI PLC’s IPO oversubscribed 90 times

ABU DHABI - Bayanat AI PLC, a public company limited by shares incorporated in the Abu Dhabi Global Market, one of the region’s leading high-growth AI-powered geospatial solutions businesses, today announced the successful completion of the public subscription process for its Initial Public Offering (IPO) on the First Market of the Abu Dhabi Securities Exchange (ADX).

The price of the Offering was set at AED1.10 per ordinary share with the total value of the Offer Shares equaling AED628,571,429, equivalent to 22.22 percent of Bayanat’s share capital at listing.

The Offering saw significant demand from investors with total gross demand for the Offering amounting to over AED57.5 billion, implying an oversubscription of 379 times excluding Cornerstone Investors and 90 times on aggregate.

On 21st October 2022, the Professional Investor tranche, which offered 534,285,715 shares, was oversubscribed 41x within hours of the subscription open period, which excluded commitments received from Cornerstone Investors.

Commenting on the announcement, Tareq Al Hosani, Chairman of the Board of Directors of Bayanat AI PLC, said, “The overwhelming demand for our Offering demonstrates the clear trust and confidence of the investment community in the UAE’s booming technology sector. The IPO provides us the opportunity to share our success with a wider audience