ABU DHABI - Bayanat AI PLC, a public company limited by shares incorporated in the Abu Dhabi Global Market, one of the region’s leading high-growth AI-powered geospatial solutions businesses, today announced the successful completion of the public subscription process for its Initial Public Offering (IPO) on the First Market of the Abu Dhabi Securities Exchange (ADX).

The price of the Offering was set at AED1.10 per ordinary share with the total value of the Offer Shares equaling AED628,571,429, equivalent to 22.22 percent of Bayanat’s share capital at listing.

The Offering saw significant demand from investors with total gross demand for the Offering amounting to over AED57.5 billion, implying an oversubscription of 379 times excluding Cornerstone Investors and 90 times on aggregate.

On 21st October 2022, the Professional Investor tranche, which offered 534,285,715 shares, was oversubscribed 41x within hours of the subscription open period, which excluded commitments received from Cornerstone Investors.

Commenting on the announcement, Tareq Al Hosani, Chairman of the Board of Directors of Bayanat AI PLC, said, “The overwhelming demand for our Offering demonstrates the clear trust and confidence of the investment community in the UAE’s booming technology sector. The IPO provides us the opportunity to share our success with a wider audience and continue innovating our world-class solutions underpinned by a robust growth trajectory. We are excited to begin our journey as a listed company, which will only serve to solidify our positioning as a leading provider of AI-powered geospatial solutions”

Hasan Al Hosani, CEO of Bayanat AI PLC, added, "As we embark on an exciting phase of growth, we aim to deliver sustainable, long-term shareholder value through a strategy of innovation, research and development. This would be made possible by realising commercially viable advanced geospatial AI solutions. The strong demand for the IPO, which was 90 times oversubscribed, is a true testament to Bayanat’s proven business model and financials, and we look forward to taking our new investors along on our journey to further growth.”

Listing and the commencement of trading in Bayanat shares on ADX is expected to take place on 31st October 2022, subject to customary closing conditions, under the symbol “Bayanat” and ISIN “AEE01122B228”. Following the listing of its shares, Bayanat AI PLC will officially become the first-of-its-kind technology public company in the GCC and the only listed AI-powered geospatial solutions company in the MENA region.

Upon listing on ADX, Group 42 Holding Ltd. will continue to own 77 percent shareholding in the Company.