Presight AI Holding, a G42 company, has announced its intention to go ahead with an initial public offering (IPO) of 24.24% of its shares and subsequently list on the Abu Dhabi Securities Exchange’s (ADX) first market.
The offering consists of 1,359,680,000 new ordinary shares of the company for public subscription in the UAE. 168,396,368 shares, representing 12.385% of the total offer shares, will be allocated to retail investors, and 1,191,283,632 shares representing 87.615% of the total offer shares will be allocated to professional investors.
The offer period is scheduled to commence on March 13, 2023 and end on March 17, 2023. Presight shares are expected to start trading on the ADX first market on or around March 27, 2023. On March 3, 2023, the UAE Securities and Commodities Authority approved the company’s application for the IPO.
Omni analytics
Presight supports public services and commercial businesses of all magnitudes by unlocking positive societal impact with omni analytics and AI to deliver insight-driven decision-making across every sector at scale.
The company’s solutions are deployed across three core sectors with significant potential for impact and innovative market growth; public services, finance, and sports. Presight continues to accelerate into priority sectors at pace, channeling the use of advanced data analytics to predict environmental impact, enable efficient infrastructure use, and transform educational outcomes.
Its proprietary Transformative Analytics Quotient (TAQ) platform has enabled Presight to deliver unmatched digital transformation for its customers across the globe. TAQ integrates all-source data into adaptive AI algorithms to deliver actionable insights across the sectors in which Presight operates. The platform enables clients to understand historical performance effectively, forecast more accurately, and make timely decisions in the best interests of customers and the public at large.
Investment deal
Presight has entered into a cornerstone investment agreement with International Holding Company, through which IHC has committed to invest in the planned IPO. This cornerstone investment agreement demonstrates the confidence IHC has in Presight’s growth trajectory and paves the way for further collaboration and growth opportunities regionally and globally.
Mansoor Al Mansoori, Chairman of Presight, said: “Presight was initially conceived in 2020 to deliver analytics-driven, cloud-first AI-enabled solutions for public and private businesses in the Middle Eastern ecosystem. Presight’s journey has evolved rapidly since inception, now positioned as the region’s leading big data analytics company powered by AI, trusted with country-level strategic mandates to drive digital transformation and innovation. Through our proprietary Transformative Analytics Quotient platform, Presight is enabling insight-driven decision-making to unlock positive societal impact with omni-analytics and AI.”
Since its establishment, Presight has demonstrated an exceptional track record in combining big data, analytics and AI expertise to deliver solutions. The company has successfully delivered numerous high-impact projects with business and societal value creation at the core.
Managing Covid
Presight was integral to managing the Covid-19 pandemic in the UAE and to welcoming 24 million visitors safely to Expo 2020 Dubai.
Thomas Pramotedham, CEO of Presight, said: “Today’s announcement marks an important milestone in Presight’s journey. Our intention to list on the Abu Dhabi Securities Exchange is a key step in realizing our five-year strategy to strengthen operational expertise, create meaningful headroom for inorganic growth, and expand our services into new markets and sectors globally. We have ambitious plans that leverage our solid historical growth and healthy pipeline of order bookings.”
He added: “We have delivered a strong track record of profitability, with the highest net margins amongst leading AI and cloud organisations with similar digital products and services. We are complemented by a sophisticated leadership team with deep sector expertise and highly predictable revenue streams. Through our long-term committed contracts, we are well positioned to deliver strong returns to shareholders and stakeholders throughout the business.”
Presight is the regional leader in big data analytics powered by AI that supports businesses and governments with national-level digital transformation projects. With TAQ at the core powering 10 flagship solutions and more than 100 AI models, Presight is supporting its clients and partners to unlock positive societal change through insight-driven decision marking.-- TradeArabia News Service
&uuid=(email))