- G42 firm Presight AI is primed to make a splash on the Abu Dhabi Securities Exchange's main market, aiming to raise more than Dh1.82 billion ($496 million) during their Initial Public Offering from March 13 to March 17. Retail investors get a slice of the pie too, with 12.38% of the total shares on offer allocated to them.
- The firm will make available 1.36 billion shares at a rate of 1.34 dirhams per share, in addition to securing a cornerstone investment agreement with International Holding Company, the UAE's most renowned publicly traded firm. The worth of the investment will be disclosed post-subscription and regulatory proceedings have been finalized.
Why it matters
The Middle East's appetite for IPOs has been gaining momentum since 2022, when the region raised $23 billion from 48 listings, compared to $7.52 billion from 20 offerings the year before. Recently, Adnoc's 5% stake in its gas business was sold for a staggering $2.5 billion, making it the biggest listing worldwide in 2021. The demand for the Adnoc Gas listing was overwhelming, with orders totaling $124 billion, or 50 times the number of shares available.