G42 firm Presight unveils IPO for ADX listing

Reuters Images/Ben Job

The securities and commodities authority approved, on 3 March, Presight’s request to list 1.35bln shares, accounting for 24.24% of its issued share capital

Staff Writer, Mubasher

March 15, 2023

PHOTO

UAE – Presight AI Holding, a G42 firm, has set the fixed price for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) at AED 1.34.

The subscription period for the IPO takes place during 13-17 March 2023, according to a press release.

Meanwhile, the Sharia-compliant shares are forecast to be listed on ADX on 27 March.

The securities and commodities authority (SCA) approved, on 3 March, Presight’s request to list 1.35 billion shares, accounting for 24.24% of its issued share capital.

It is worth noting that Group 42 Holding Ltd will maintain its position as the majority shareholder following the offering transaction.

In 2022, Presight recorded a 55% year-on-year (YoY) hike in net profit to $148 million. Meanwhile, the revenues increased by 16% to $423 million.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.