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Presight AI's IPO 136 times oversubscribed

Share sale received total gross demand of Dh94.9 billion

Published: Fri 17 Mar 2023, 5:48 PM

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  • WAM

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Presight AI Holding PLC (Presight), a G42 company, and the region's leader in big data analytics powered by artificial intelligence (AI), announced that its Initial Public Offering (IPO) is subscribed in full.

The IPO received total gross demand amounting to Dh94.9 billion and was 136 times oversubscribed in aggregate, excluding the commitment from the Company's cornerstone investor, International Holding Company PJSC.

Thomas Pramotedham, CEO of Presight, said: "We are delighted that Presight AI's IPO has been met with overwhelming interest from both Retail and Professional Investors. 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."

The subscription period for Retail and Professional Investors ended on Friday. The listing of Presight shares and trading on the ADX is expected take place on March 27, with issuance proceeds of approximately Dh1.822 billion ($496 million).

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