Presight
AI, the big data analytics unit of Abu Dhabi AI firm G42, is seeking to
raise more than 1.82 billion dirhams ($496M) in an IPO later this month.
The United Arab Emirates' Securities and Commodities Authority recently approved Presight AI's application to list shares on the Abu Dhabi Securities Exchange's (ADX) first market.
- The
offer period will run from March 13 through March 17. Presight AI is
planning to sell 1.36 billion shares at 1.34 dirhams each, giving it a
valuation of 7.51 billion dirhams ($2.04B).
- Presight says it uses AI and analytics to offer "insight-driven decision-making" for commercial businesses and public services.
- Its
owner, UAE artificial intelligence firm G42, is chaired by the United
Arab Emirates' national security adviser, Sheikh Tahnoon bin Zayed Al
Nahyan, who is a UAE government and Abu Dhabi ruling family member.
- The
larger AI and cloud computing company's operations include autonomous
vehicles, energy, and healthcare initiatives. It calls itself a "global
leader" in creating visionary AI and "champions AI as a powerful force
for good."
- In October, G42's geospatial and data analytics firm, Bayanat, raised $171M in an IPO.
