Presight AI announces start of subscription for IPO

Presight AI Holding has started taking investor orders for its upcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange at a fixed price of $0.36 (Dhs1.34) per share as the data analytics firm is set to raise Dhs1.8bn.

Abu Dhabi’s G42 Group is offering 1.35 billion shares, equivalent to 24.24 per cent of the company’s paid-up capital and the indicative price implies a market valuation of as much as Dhs7.51bn.

Presight AI is offering the shares in two tranches — institutional investors and retail investors – between March 13 and March 17, with an expected trading debut on the ADX on March 27, 2023.

Presight’s listing is the second IPO from G42’s portfolio. Bayanat, a geospatial and data analytics firm, raised $171m in an IPO backed by US private equity firm Silver Lake in October 2022.

The listing is the latest in a series of IPOs in the GCC region as governments seek to fund their economic diversification away from reliance on oil revenues while bringing in more international investors into their markets.

What Presight AI does

Presight AI supports public services and commercial businesses of all magnitudes by unlocking positive societal impact with omni analytics and AI to deliver insight-driven decision-making across every sector at scale.

Its solutions are deployed across three core sectors with significant potential for impact and innovative market growth; public services, finance, and sports.

Presight also enables the use of advanced data analytics to predict environmental impact, enable efficient infrastructure use, and transform educational outcomes.

Presight AI’s proprietary Transformative Analytics Quotient (TAQ) platform integrates all-source data into adaptive AI algorithms to deliver actionable insights across the sectors in which it operates.

The platform enables clients to understand historical performance effectively, forecast more accurately, and make timely decisions in the best interests of customers and the public at large.

ANNOUNCED: The subscription period for Presight AI’s IPO opens today and will run until 17 March 2023.

For more info, click here: https://t.co/96CXTSB3Lp@ADX_AE#PresightIPO#IPO#DataAnalytics#AbuDhabi#UAE pic.twitter.com/mKgz511Pwr

— Presight.ai (@PresightAI) March 13, 2023

IHC is cornerstone investor

Abu Dhabi holding firm, International Holding Company, is a cornerstone investor in the IPO.

Mansoor Al Mansoori, chairman of Presight AI, said: “Presight was initially conceived in 2020 to deliver analytics-driven, cloud-first AI-enabled solutions for public and private businesses in the Middle Eastern ecosystem.

“Presight’s journey has evolved rapidly since its inception, now positioned as the region’s leading big data analytics company powered by AI, trusted with country-level strategic mandates to drive digital transformation and innovation.

“Through our proprietary Transformative Analytics Quotient platform, Presight is enabling insight-driven decision-making to unlock positive societal impact with omni-analytics and AI.”

Since its establishment, Presight has delivered numerous high-impact projects with business and societal value creation at the core. Presight was integral to managing the Covid-19 pandemic in the UAE and welcoming 24 million visitors safely to Expo 2020 Dubai.

Thomas Pramotedham, CEO of Presight AI, said: “Our intention to list on ADX is a key step in realising our five-year strategy to strengthen operational expertise, create meaningful headroom for inorganic growth, and expand our services into new markets and sectors globally. We have ambitious plans that leverage our solid historical growth and healthy pipeline of order bookings.”

He added: “We have delivered a strong track record of profitability, with the highest net margins amongst leading AI and cloud organisations with similar digital products and services.

“We are complemented by a sophisticated leadership team with deep sector expertise and highly predictable revenue streams. Through our long-term committed contracts, we are well positioned to deliver strong returns to shareholders and stakeholders throughout the business.”

Meanwhile, ADNOC Gas surged in its trading debut on the ADX after raising $2.5bn in the world’s biggest initial public offering this year.

ADNOC Group, which increased its offering to 5 per cent, said ADNOC Gas’ IPO was heavily oversubscribed, taking the total demand to more than $124bn.

Read: ADNOC Gas IPO raises $2.5bn, attracts $124bn in demand

Initially, ADNOC planned to raise $2bn by offering a 4 per cent stake. The company increased the number of ordinary shares offered in the IPO to 3.8 billion on Monday at $0.64 (Dhs2.37) apiece, implying a market capitalisation of Dhs182bn at the time of admission.

More IPOs expected

Also read: Abu Dhabi says there’s more to come after year’s biggest IPO

Emirates Global Aluminium (EGA), the Middle East’s biggest producer of the metal, may sell shares to the public as soon as the third quarter of 2023, according to the head of one of its biggest shareholders.

“It will happen maybe this year. We’ll see how markets react,” Mubadala Investment Co. chief executive officer Khaldoon Khalifa Al Mubarak told Bloomberg on the sidelines of the World Economic Forum’s annual meeting in Davos. “If it’s appropriate and makes sense for us and the shareholders, we might go in the third quarter or fourth quarter.”