Dubai: There is no holding back Abu Dhabi's latest ADX listing, that of Presight AI, which is now trading at Dh3.5 against the offer price of Dh1.34 within the first 5 minutes. In this, Presight is following in the footsteps of its sister company, Bayanat AI, which shot up 309 per cent on its listing day.
In fact, Bayanat AI had the most successful first day showing among IPOs last year, charting its way to 277 per cent on Day 1 at the close of trading. In between, the stock had scorched past 300 per cent.
Presight AI volumes were at 17 million by the first 10 minutes, for a traded value of Dh56 million plus. The company, part of Abu Dhabi headquartered G42 enterprise, clubs together multiple businesses that are into data analytics and AI possibilities.
The ADX listing follows a quite successful IPO, and a repeat of what was achieved by G42 for its earlier offering, that of Bayanat Ai, which is into mobility services and also draws heavily on AI to power its services.
Presight AI's first day pyrotechnics also lifted volumes and the price of IHC, which is a cornerstone investor in the AI company. "After a nerve-wracking week for investors and global markets (after Credit Suisse and Deutsche Bank), Presight will have boosted sentiments in the UAE capital markets," said an analyst. "It also shows investors are ready to give AI/tech companies attention provided they show a track record and have major contracts."