Dubai: The first 15 minutes of trading for ADX’s latest listing – Bayanat AI – has been nothing short of spectacular. The stock, with the IPO price at Dh1.10, went in for an immediate acceleration to Dh4 and by 10.15 had racked up more than Dh70.63 million in value of trades. In between, the stock had dropped, but by 1.17pm, it was back at Dh4 with value of trades at Dh235 million plus.
The IPO was oversubscribed to the tune of 90x, with the G42-owned company setting down a marker for AI and high-tech to make a debut on the UAE capital markets. Bayanat AI offers geospatial services and is also an emerging player in AI’s self-mobility services, operating proof-of-concept at Yas Island. The company expects to see these new-fangled services reach the actual commercial possibilities shortly.
The ADX is up 21 per cent year-to-date, with the recent Burjeel Holdings' listing helping with value and volume. On Monday, the IHC counter is also particularly busy, with the investment company's share close to Dh403 (value of trades at Dh289 million). Investors will have noted the company's plans to go in for an equity capital increase as well as its slew of recent funding activities, including into Bayanat AI and Burjeel.