Bayanat, a geospatial and data analytics company owned by Abu Dhabi’s G42, plans to sell a 22.22% stake or 571.4 million shares in an initial public offering (IPO), a statement showed Sunday. The firm plans to sell the shares at $0.30 (AED 1.1) apiece, according to an advertisement in Gulf News, seeking to raise $171.1 million (AED 628.57 million).
The IPO will run from October 21 to 25. The company expects to list its shares on the Abu Dhabi stock exchange on October 31.
The company’s planned listing "will provide investors with an opportunity to gain exposure to one of the region’s leading high-growth AI-powered geospatial intelligence businesses," the statement read.
It will be managed by First Abu Dhabi Bank and International Securities among others, according to a Bloomberg report.
Bayanat offers geospatial data, geo-intelligence, and AI-powered data analytics, according to its website. Its owner G42, backed by Abu Dhabi wealth fund Mubadala Investment Co., is an artificial intelligence and cloud computing firm, with its businesses ranging from energy to healthcare.
"We are confident that the company is now strategically positioned to enter a new phase of growth with its planned listing on ADX as we look to deliver sustained shareholder value," said Bayanat Chairman Tareq Al Hosani. "The promising commercial market for our advanced solutions is expected to grow exponentially within the next five years," he added. Eventhough capital markets in the US and Europe have entered a bearish territory, the UAE has been seeing a flurry of IPOs.
Abu Dhabi’s healthcare provider Burjeel Holdings listed its shares on the Abu Dhabi Securities Exchange (ADX) this week, raising more than $300 million (AED 1.1 billion) from an 11% sale in its IPO.
Other share sales on the Abu Dhabi bourse this year include Borouge, a joint venture between Abu Dhabi National Oil Company (ADNOC) and Austrian chemicals producer Borealis, which raised $2 billion (AED 7.3 billion). Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, also reaped $1.1 billion (AED 4 billion) from its primary issuance.
The ADX could see 13 new listings before the end of this year, Chairman Mohammed Al Shorafa told Sky News Arabia in March.
Nine companies listed on the ADX last year, including ADNOC Drilling, which gained $1.1 billion from an IPO in October, and Fertiglobe, which raised about $795 million.
