DUBAI, Oct 27 (Reuters) – Bayanat, an Abu Dhabi-based provider of geographic data and analytics, said on Thursday it received strong demand of 57.5 billion dirhams for its initial public offering.
Bayant is offering 22.22 percent of the equity at 1.1 dirhams per share, valuing the stake at 628.6 million dirhams ($171.15 million).
Trading in shares starts on Monday.
Artificial intelligence company G42, backed by state investment fund Mubadala, still owns 77 percent of Bayanat.
The flotation comes amid a Gulf IPO boom as the governments of Saudi Arabia, Abu Dhabi and Dubai push state-led IPO programs, driving oil prices high and a relative dearth of IPOs in other markets.
Bayanat was born in 2008 from the commercialization of the UAE’s military research department, which was established in 1974, according to Bayanat’s website. It merged with the G42 in 2020. In the same year, Mubadala took an undisclosed stake in the G42, which is chaired by the National Security Adviser of the United Arab Emirates.
Bayanat’s CEO is Hasan Al Hosani, a former military officer in the UAE military, business development consultant and founder of a security systems company, according to his LinkedIn profile.
Bayanat provides measurement technology that it feeds into AI algorithms and said in a statement that it would be “the only listed AI-powered geospatial solutions company in the MENA region”.
Dubai Islamic Bank was the lead manager, First Abu Dhabi Bank was the lead receiving bank and International Securities was the lead investment agent for the IPO. Hadef & Partners was the legal advisor.
($1 = 3.6729 AED)
Report by Yousef Saba; Editing by Susan Fenton
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