PHOTO
Abu Dhabi-based Bayanat said it’s the professional investors’ tranche of its initial public offering (IPO) is oversubscribed as it seeks to raise AED 628 million ($171 million).
Bayanat is a geospatial data products and services provider owned by Abu Dhabi-based artificial intelligence and cloud computing company G42.
The company, which is offering more than 571 million shares at AED 1.10 per share, said it has received enough subscriptions to cover the professional investors’ offering, and that it had been oversubscribed by 41 times.
The offering saw significant demand in addition to the commitment from the company’s cornerstone investors Silver Lake and International Holding Company (IHC), the company said today.
CEO Hasan Al Hosani said: “The overwhelming demand for subscription to Bayanat AI’s IPO is a strong reflection of the confidence that our investors have in our vision and strong growth trajectory.”
The subscription period of the offering is due to end on 25th October, with parent company G42 Holding Ltd to retain a 77% shareholding.
The company has cornerstone agreements with California-based Silver Lake and Abu Dhabi’s International Holding Company (IHC)
Silver Lake has $92 billion in combined assets under management, with the Bayanat IPO marking its first investment in a company to be listed on the Abu Dhabi Securities Exchange (ADX).
Bayanat said it reported revenues of AED 366.7 million for the fiscal year 2021, a year-on-year increase of 48%, compared to AED 247.8 million for 2020, with a gross margin of 48% in 2021 compared to 46% in 2020.
Dubai Islamic Bank PJSC is the lead manager, and First Abu Dhabi Bank PJSC is acting as the lead receiving bank, with International Securities are the lead placement agent on the IPO.
(Reporting by Imogen Lillywhite; editing by Daniel Luiz)
