- Bayanat, acquired in 2020 by Abu Dhabi’s artificial intelligence and cloud computing company G42, is eyeing an IPO to raise more than $171M. Bayanat provides mapping and geospatial services in the UAE. Post-IPO, it will become the first and only listed geospatial intelligence company in the MENA region.
- Bayanat will be selling a total of 571.4M shares, with each share priced at Dh1.10. This sale is equal to 28.5% of the company’s share capital before the offer, and 22.22% according to the share capital at listing. The listing subscription period will last between 21st-25th October, and Bayanat will enter the first market of the Abu Dhabi Stock Exchange (ADX) on the 31st of October.
- If the listed shares are fully subscribed, G42 will keep 77% possession of Bayanat. Moreover, the private equity firm Silver Lake, and International Holding Company which is the most valuable company listed on the ADX, will be the lead investors in this IPO.
Why it matters
EY reports that IPO listings in MENA have increased sixfold in the first six months of 2022 – this can be credited to a resilient economic recovery from Covid-19 and greater investor demand.
