Abu Dhabi’s Presight AI soars on market debut

Published: Updated:
Read Mode
100% Font Size
1 min read

Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176 percent on their stock market debut after raising 1.82 billion dirhams ($495.6 million) in an initial public offering (IPO) for almost a third of the business.

For the latest headlines, follow our Google News channel online or via the app.

Presight’s shares rose as high as 3.70 dirhams on the Abu Dhabi Securities Exchange before retreating a little to 3.40 dirhams. The shares were priced at 1.34 dirhams for the IPO.

The company is majority owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan. Sheikh Tahnoon is the UAE’s national security adviser and has acted as a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan.

Sheikh Tahnoon’s financial interests include conglomerate International Holding Company, which was a cornerstone investor in the Presight IPO.

He was also recently named chair of Abu Dhabi Investment Authority, the emirate’s largest sovereign wealth fund, and was already chair of smaller wealth fund ADQ.

Read more:

Dubai’s first IPO of the year sells out in under an hour

UAE’s Adnoc Gas shares jump 25 percent after IPO raised

UAE-based money exchange Al Ansari doubles dividend payout ahead of Dubai IPO

Top Content Trending