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
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