UAE Business: Bayanat AI announces IPO; to list shares on ADX First Market – Gulf Digital News

UAE Business: Bayanat AI announces IPO; to list shares on ADX First Market – Gulf Digital News

Bayanat AI PLC, a G42 company, has announced its intention to sell 571,428,572 of its shares through an initial public offering (IPO) and list the shares on the First Market of the Abu Dhabi Securities Exchange (ADX).

The IPO will represent 22.22% of the company’s share capital as at the listing date, a WAM report said.

The subscription period for the listing will open on October 21 and close on October 25, 2022. The company intends to list on ADX on October 31, 2022.

As on listing date, provided that the offering shares are fully subscribed, 77% shareholding will be held by Group 42 Holding Ltd.

Leveraging artificial intelligence

Commenting on the announcement, Tareq Al Hosani, Chairman of the Board of Directors of the company, said: “Throughout its 45-year heritage, and since becoming a member of the G42 ecosystem in 2020, Bayanat has been leveraging artificial intelligence and its developmental capabilities to offer differentiated geospatial AI solutions, underpinned by visionary leadership, a capable team of innovators, and a robust customer pipeline.

“We are confident that the company is now strategically positioned to enter a new phase of growth with its planned listing on ADX as we look to deliver sustained shareholder value. On this significant occasion,