Abu Dhabi: Presight AI, a G42 company focused on data analytics and artificial intelligence, announced that its IPO was 136 times oversubscribed excluding the commitment from the Company’s cornerstone investor, International Holding Company. The IPO received total gross demand amounting to Dh94.9 billion.
“We are delighted that Presight AI’s IPO has been met with overwhelming interest from both Retail and Professional Investors,” said Thomas Pramotedham, CEO of Presight. “The significant oversubscription is a testament to investor confidence in our company’s growth strategy and ability to create value for shareholders.”
“The IPO will help us capitalize on significant potential for market growth as demand for big data analytics powered by AI continues to grow across multiple sectors,” he added.
The subscription period for Retail and Professional Investors ended on March 17. The listing of Presight shares and trading on the ADX is expected on March 27.
International Holding Company confirmed 15 per cent cornerstone investment in Presight AI IPO.
The move comes as part of IHC's long-term strategy to grow its capacity in the tech industry across different sectors as it continues to scale up its information technology businesses. It has increased its technology deals by over 200 per cent since 2021, crossing Dh2.1 billion in tech investment.
“IHC is looking to deepen its engagement and investment in the tech space regionally and globally,” said Syed Basar Shueb, IHC’s CEO. “Presight AI’s IPO is an excellent opportunity to help us create a diversified yet strong industry portfolio.”
International Holding Company planned Tech Holding company will not only focus on acquiring a majority stake in large-size tech companies but also the small and medium tech businesses as it will hold diversified tech verticals under its umbrella.