Bayanat AI PLC, a G42 company, has announced its intention to sell 571,428,572 of its shares through an initial public offering (IPO) and list the shares on the First Market of the Abu Dhabi Securities Exchange (ADX).

 

The IPO will represent 22.22% of the company’s share capital as at the listing date, a WAM report said.

 

The subscription period for the listing will open on October 21 and close on October 25, 2022. The company intends to list on ADX on October 31, 2022.

 

As on listing date, provided that the offering shares are fully subscribed, 77% shareholding will be held by Group 42 Holding Ltd.

 

Leveraging artificial intelligence

Commenting on the announcement, Tareq Al Hosani, Chairman of the Board of Directors of the company, said: “Throughout its 45-year heritage, and since becoming a member of the G42 ecosystem in 2020, Bayanat has been leveraging artificial intelligence and its developmental capabilities to offer differentiated geospatial AI solutions, underpinned by visionary leadership, a capable team of innovators, and a robust customer pipeline. 

 

“We are confident that the company is now strategically positioned to enter a new phase of growth with its planned listing on ADX as we look to deliver sustained shareholder value. On this significant occasion, and on behalf of the Board of Directors, I extend my thanks to our shareholders for their continued trust and confidence.

 

“As part of our ongoing efforts to catalyse positive development across the communities in which we operate, we look to play a significant role in the UAE’s economic growth, as well as that of the region and globally. The promising commercial market for our advanced solutions is expected to grow exponentially within the next five years, and Bayanat’s proven business model and ambitious growth strategy will serve as a foremost determinant of our aspiration to become a powerhouse in global AI-powered geospatial intelligence,” he added.-- TradeArabia News Service