Presight is capitalising on big data analytics being powered by AI and providing organisations with valuable insights and tools to make decisions. Photo: Presight
Presight is capitalising on big data analytics being powered by AI and providing organisations with valuable insights and tools to make decisions. Photo: Presight
Presight is capitalising on big data analytics being powered by AI and providing organisations with valuable insights and tools to make decisions. Photo: Presight
Presight is capitalising on big data analytics being powered by AI and providing organisations with valuable insights and tools to make decisions. Photo: Presight

Presight AI IPO: G42 unit drew nearly $26bn in orders for $496m offering


Massoud A Derhally
  • English
  • Arabic

Presight AI, a unit of Abu Dhabi's G42 group focused on data analytics and artificial intelligence, drew Dh94.9 billion ($25.8 billion) in bids for its initial public offering that ended on Friday.

The offering raised $496 million for the company and was oversubscribed 136 times on average, excluding the commitment from the Presight’s cornerstone investor International Holding Company, it said on Friday.

IHC confirmed its 15 per cent cornerstone investment in the offering, in a statement to the Abu Dhabi Securities Exchange.

Presight, which was founded in 2020, sold more than 1.35 billion shares at Dh1.34 a share, equivalent to 24.24 per cent of the company’s stock upon listing.

“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 capitalise on significant potential for market growth as demand for big data analytics powered by AI continues to grow across multiple sectors.”

Presight shares will start trading on the ADX's first market on March 27 under the symbol “PRESIGHT”.

The company is based at 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 capitalising on rising demand for Big Data analytics. Its Transformative Analytics Quotient platform, gathers and analyses multi-source data that helps to enable forecasting of probable outcomes that support decision-making.

During the Covid-19 pandemic the company 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.

“Presight AI’s IPO is an excellent opportunity to help us create a diversified yet strong industry portfolio," said Syed Basar Shueb, IHC’s chief executive.

"IHC is looking to deepen its engagement and investment in the tech space regionally and globally."

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 per cent 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 per cent 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.

UAE currency: the story behind the money in your pockets
Dunki
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rajkumar%20Hirani%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Taapsee%20Pannu%2C%20Vikram%20Kochhar%20and%20Anil%20Grover%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

The biog

Profession: Senior sports presenter and producer

Marital status: Single

Favourite book: Al Nabi by Jibran Khalil Jibran

Favourite food: Italian and Lebanese food

Favourite football player: Cristiano Ronaldo

Languages: Arabic, French, English, Portuguese and some Spanish

Website: www.liliane-tannoury.com

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

While you're here
RESULTS

2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)

2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout

3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi

3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne

4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi

4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi

Updated: March 17, 2023, 12:42 PM`