Abu Dhabi-based G42 Group, an artificial intelligence (AI) and cloud computing technology company, is selling a 32% stake or 1.35 billion shares in its subsidiary, Presight AI, in an initial public offering (IPO) that is set to raise 1.82 billion dirhams ($495.6 million).
The IPO price is set at AED1.34 per share, with the subscription period running from March 13 through March 17, the company said in an advertisement issued in the local media.
Following the IPO, the share capital of Presight, an AI-powered big data analytics company, will be AED560.86 million.
Abu Dhabi conglomerate International Holding Co. (IHC) on Monday said it intends invest as a cornerstone investor in the IPO. It did not disclose the value of the proposed investment.
Last year, G42 did an IPO of another subsidiary, Bayanat, an Abu Dhabi-based provider of geographic data and analytics. G42 is backed by sovereign wealth fund Mubadala.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)