Presight AI, a data analytics firm owned by Abu Dhabi’s G42, soared in it’s trading debut, in the latest sign of strong demand for Middle Eastern offerings.
(Bloomberg) —
Presight AI, a data analytics firm owned by Abu Dhabi’s G42, soared in it’s trading debut, in the latest sign of strong demand for Middle Eastern offerings.
The shares jumped as much as 176% to 3.7 dirhams on Monday. G42 raised $496 million after setting the offer price at 1.34 dirhams a share.
The Presight AI Holding Plc IPO drew in orders worth $26 billion for the 1.36 billion share offering, and was oversubscribed by 136 times. It also attracted the United Arab Emirates’ most-valuable listed company International Holding Co. as a cornerstone investor.
The Middle East has seen continued appetite for offerings, with 2023 IPOs seeing healthy investor appetite with oversubscribed books and shares trading above their listing price.
Abu Dhabi is at the forefront of the Middle East’s IPO market this year with the world’s biggest listing, and a pipeline of at least eight companies that are expected to list in the emirate.
Read: Abu Dhabi Says There’s More to Come After Year’s Biggest IPO
Presight’s owner G42, an artificial intelligence and cloud computing firm, is considering at least six more IPOs. Last year, the company sold shares in Bayanat, a geospatial and data analytics company, which trades 209% above its listing price.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.