Artificial Intelligence: Silver Lake Backed Bayanat AI Triples On IPO Debut In Abu Dhabi
Bayanat, a G42 company, provides AI-powered geospatial intelligence to a number of sectors such as Defense, Environment, Energy & Resources, Smart Cities and Transportation.
An Initial Public Offer (IPO) by Bayanat AI, a company owned by Abu Dhabi’s G42, and backed by IHC, the most valuable firm in the United Arab Emirates, proved to be highly successful on its trading debut today on the Abu Dhabi Securities Exchange (ADX). Shares of Bayanat AI, whose IPO was oversubscribed over 90X, more than tripled from their IPO price of 1.10 dirhams each, but closed the day at 4.10 dirhams, with gains of 272%. (GulfNews)
The first day’s trading in Bayanat shares featured a low of 3.170 dirhams and a volume of 75 million shares from 4,941 trades.
The listing and the bumper returns it gave investors were a prosperous omen for technology issues, a comparative rarity in Middle Eastern bourses. It became the first and only listed geospatial intelligence company in the Middle East and North Africa region.
“We will now focus on further strengthening our AI solutions powered by our geospatial technology, international expansion, inorganic growth and new JVs creation and partnerships,” Hasan Al Hosani, chief executive of Bayanat, said in a statement.“We are confident that listing on ADX will deliver the increased investment, support and profile we need to achieve these ambitions.”
Related Story: G42, The Abu Dhabi AI Firm, Forms $10B Fund For Tech Investments In Emerging Markets
Latest Alternative Investment News
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…