Presight AI, a unit of the Abu Dhabi-based G42 group that specializes in data analytics and artificial intelligence, has completed its initial public offering (IPO) with strong market demand. The IPO drew Dh94.9 billion ($25.8 billion) in bids, indicating investor interest in the company. The offering raised $496 million for the company, which was oversubscribed 136 times on average, excluding the commitment from Presight’s cornerstone investor International Holding Company (IHC). IHC confirmed its 15% cornerstone investment in the offering in a statement to the Abu Dhabi Securities Exchange.
Presight, which was founded in 2020, sold over 1.35 billion shares at Dh1.34 per share, equivalent to 24.24% of the company’s stock upon listing. Presight shares will start trading on the ADX’s first market on March 27 under the symbol “PRESIGHT”. The company is based in the Abu Dhabi Global Market and focuses on three sectors that it says have significant potential for innovative market growth — public services, finance, and sports.
Presight uses advanced data analytics to predict environmental impact, enable efficient infrastructure use, and transform educational outcomes. It has more than 10 flagship technology solutions, in excess of 100 AI models, and clients on three continents. The company is capitalizing on the rising demand for Big Data analytics. Its Transformative Analytics Quotient platform gathers and analyzes multi-source data that helps to enable the forecasting of probable outcomes that support decision-making.
During the Covid-19 pandemic, Presight supported the UAE government with analytics, helping it to keep its borders open. It also supported the country as it hosted the Expo 2020 Dubai. Presight has grown its operations since it was founded and signed its first international agreement — the National Transformation Programme of Digital Angola 2024.
“The significant oversubscription is a testament to investor confidence in our company’s growth strategy and ability to create value for shareholders,” said Thomas Pramotedham, chief executive of Presight. “The IPO will help us capitalize on the significant potential for market growth as demand for big data analytics powered by AI continues to grow across multiple sectors.”
IHC’s investment in Presight is part of its long-term strategy to grow its capacity in the tech industry across different sectors while it scales up its information technology businesses. The UAE’s most valuable listed company, IHC has multiplied its technology deals by more than 200% since 2021, crossing Dh2.1 billion in tech investment.
The IPO drive in the Middle East has continued to gather pace in 2023 after the region registered 48 listings in 2022 that raised more than $23 billion last year, compared with $7.52 billion from 20 offerings in 2021. Earlier this month, Adnoc raised about $2.5 billion from the sale of a 5% stake in its gas business, marking the year’s largest listing globally. The Adnoc Gas listing was about 50 times oversubscribed and drew more than $124 billion in orders.
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