Big data analytics firm's IPO was 135 times oversubscribed

UAE's Presight AI, a G42 big data analytics firm, has confirmed it will mark its debut on the Abu Dhabi Securities Exchange (ADX) next week.

The company's shares will start trading in the First Market- second category under the symbol (PRESIGHT) ISIN:AEE01200P230, with effect from Monday, March 27, 2023, according to a new circular.

The artificial intelligence-powered firm recently concluded its initial public offering (IPO) that drew 94.9 billion UAE dirhams ($25.8 billion) in orders. The offering was 136 times oversubscribed.

Early this month, the company announced its intention to offer nearly 1.4 billion new ordinary shares of the company for public subscription in an IPO and subsequently list on ADX.

Presight recorded $423 million in revenue for 2022, up by 16% from the previous year. Gross profit for the same year stood at $266 million, up 92% on 2021.

zawya