Presight AI, a subsidiary of Abu Dhabi’s G42 Group that specializes in data analytics and AI, experienced a surge of 163% in its share price during its debut on the Abu Dhabi Securities Exchange on Monday. The shares, traded under the ticker symbol “PRESIGHT,” opened at Dh3.52 and closed at Dh3.25 per share. The company sold over 1.35 billion shares at Dh1.34 per share, raising $496 million and attracting Dh94.9 billion ($25.8 billion) in bids for its initial public offering. The offering was oversubscribed 136 times on average, excluding the commitment from Presight’s cornerstone investor, International Holding Company.
Presight, founded in 2020, focuses on three sectors with significant potential for innovative market growth: public services, finance, and sports. The company uses advanced data analytics and AI models to predict environmental impact, enable efficient infrastructure use, and transform educational outcomes. With more than 10 flagship technology solutions and over 100 AI models, the company serves clients on three continents.
Chairman Mansoor Al Mansoori expressed confidence in the strong growth trajectory of the company, which was validated by the “extraordinary level of investor demand” during the IPO. Presight’s transformative analytics platform uses multi-source data to enable the forecasting of probable outcomes that support decision-making.
The company has expanded its operations beyond the UAE and signed its first international agreement with the National Transformation Programme of Digital Angola 2024. The success of Presight’s IPO reflects the growing trend of rising demand for Big Data analytics and AI technologies in the industry, as demonstrated by the recent surge of IPOs in the Middle East.
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