The shares of Presight AI commenced trading on the Abu Dhabi Securities Exchange on Monday.

Abu Dhabi-based data analytics and AI firm, Presight AI Holding Plc, surged as much as 176% on its stock market debut on the Abu Dhabi Securities Exchange after raising $496m in its IPO for almost a third of the business. The company is majority-owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan, the UAE’s national security adviser.

It has financial interests in conglomerate International Holding Company, which was a cornerstone investor in the Presight IPO. Presight sold over 1.35 billion shares at Dh1.34 a share, equal to 24.24% of the company’s stock, and attracted Dh94.9 billion ($25.8 billion) in bids for its IPO, which was oversubscribed 136 times on average. The shares settled at Dh3.25 per share at market close. (The Nation Business)

Presight is based in Abu Dhabi Global Market and is focused on the three sectors of public services, finance, and sports.  In the company’s view, these have significant potential for innovative market growth. During the Covid-19 pandemic, Presight supported the UAE government with analytics, helping it to keep its borders open. It also supported the country as it hosted Expo 2020 Dubai. The company has now expanded beyond the shores of the UAE and signed its first international agreement – the National Transformation Programme of Digital Angola 2024.

Investors in the Middle East have eagerly lapped up share offerings, with 2023 IPOs witnessing heavy oversubscriptions and shares enjoying lucrative listing ‘pops.’. Abu Dhabi is the frontrunner of the Middle East’s IPO market this year with the world’s biggest listing. There are at least eight companies that are expected to list soon in the emirate.

Presight’s owner G42, an AI and cloud computing company, is itself mulling at least six more IPOs.

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