DUBAI, March 6 (Reuters) – Abu Dhabi artificial intelligence firm G42 plans to float its big data analytics unit Presight.ai via an 1.82 billion dirham ($495.6 million) initial public offering (IPO) and list its shares on the local stock exchange.
Presight aims to offer 1.36 billion new shares, representing 32% of the company before the offering, at 1.34 dirhams each via a capital increase, according to an announcement.
The offer period begins March 13 and ends on March 17.
G42 is part of a business empire overseen by its chair, Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE’s national security adviser and has been a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan.
Sheikh Tahnoon’s financial interests include local conglomerate International Holding Company (IHC.AD), which has entered the IPO as a cornerstone investor, and sovereign wealth fund ADQ.
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($1 = 3.6727 UAE dirham)
Reporting by Hadeel Al Sayegh, writing by Rachna Uppal; Editing by Sonia Cheema
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