Presight AI Soars 176% in Abu Dhabi Debut After $496 Million IPO

Leen Al-Rashdan, Bloomberg News

(Bloomberg) --

Presight AI Holding Plc, a data analytics firm owned by Abu Dhabi’s G42, soared in its trading debut, in the latest sign of strong demand for Middle Eastern offerings.

The shares jumped as much as 176% to 3.7 dirhams at open on Monday. Presight raised $496 million after setting the offer price at 1.34 dirhams a share. The stock closed 143% higher at 3.3 dirhams.

The Presight IPO drew in orders worth $26 billion for the 1.36 billion share offering. It also attracted the United Arab Emirates’ most-valuable listed company International Holding Co. as a cornerstone investor.

The Middle East has seen continued appetite for offerings, with 2023 IPOs seeing healthy investor appetite with oversubscribed books and shares trading above their listing price.

Abu Dhabi is at the forefront of the Middle East’s IPO market this year with the world’s biggest listing, and a pipeline of at least eight companies that are expected to list in the emirate.

Read: Abu Dhabi Says There’s More to Come After Year’s Biggest IPO

Presight’s owner G42, an artificial intelligence and cloud computing firm, is considering at least six more IPOs. Last year Bayanat, another one of its companies, went public. The geospatial and data analytics firm is trading 209% above its listing price.

(Updates with closing price in second paragraph.)