Presight AI soars 176% on Abu Dhabi Securities Exchange listing

Prices rose to as much as Dh3.70 on debut, before retreating a little

By Reuters, WAM

  • Follow us on
  • google-news
  • whatsapp
  • telegram

 

Published: Mon 27 Mar 2023, 12:18 PM

Last updated: Mon 27 Mar 2023, 12:25 PM

Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176 per cent on their stock market debut on Monday.

Presight’s shares rose as high as Dh3.70 on the Abu Dhabi Securities Exchange before retreating a little to Dh3.40. The shares were priced at Dh1.34 for the IPO.


The company is majority owned by Abu Dhabi-based G42.

The IPO was oversubscribed 136 times in aggregate, excluding the commitment from the company’s cornerstone investor, International Holding Company (IHC).


The IPO, which raised proceeds of approximately $496 million (Dh1.822 billion), has witnessed overwhelming demand from both retail and professional investors.

Presight’s listing now provides investors with an opportunity to share in the region’s leading international big data analytics company powered by AI, unlocking positive societal impact. The company’s solutions are deployed across three core sectors with significant potential for impact and market growth in public services, finance, and sports.

Presight also continues to accelerate into other priority sectors at pace, channeling the use of advanced data analytics to predict environmental impact, enable efficient infrastructure use, and transform educational outcomes.

Hisham Khalid Malak, Chairman of ADX, said: “We congratulate Presight on the successful completion of its initial public offering and welcome its listing on the Abu Dhabi Securities Exchange. ADX is proud to be playing a key role in Abu Dhabi’s economic diversification strategy by attracting robust and fast-growing companies to our vibrant capital market. The strong performance of Abu Dhabi-listed securities amid global market volatility and the increasing appeal of our dynamic capital market among international investors reflects the emirate’s commitment to maintaining a robust regulatory and business environment.”

Mansoor Al Mansoori, Chairman of Presight, said, “We are delighted to have completed Presight’s IPO, and to begin our next chapter as only the second technology company to be listed on the ADX, reinforcing our position as a pioneer in the industry. Since our inception in 2020, we have created a reputation for combining big data, analytics, and AI expertise to support insight-driven decision-making both in the UAE and on an international level. The extraordinary level of investor demand in our IPO demonstrates their confidence and trust in Presight’s ability to continue the strong growth trajectory. The listing provides an important strategic opportunity for Presight to realise its growth potential and continue to unlock positive societal impact with omni-analytics powered by AI. We are excited to welcome our new shareholders to the Company as we continue to deliver value over the long term.”

Listing and trading of Presight’s shares on the ADX commenced at 10:00 on 27th March 2023 under the symbol “PRESIGHT” and ISIN “AEE01200P230”. The Sharia Board of Dubai Islamic Bank PJSC, Lead Manager for the IPO, has issued a pronouncement confirming that, in its view, Presight’s shares are compliant with Sharia principles.



More news from Business