• Trading on ADX is due to commence on 31 October 2022
  • Following the listing of its shares, Bayanat AI PLC will officially become the first-of-its-kind technology public company in the GCC and the only listed AI-powered geospatial solutions company in the MENA region

Abu Dhabi: Bayanat AI PLC, a public company limited by shares incorporated in the Abu Dhabi Global Market (the “Company”), one of the region’s leading high-growth AI-powered geospatial solutions businesses, today announced the successful completion of the public subscription process for its initial public Offering (“IPO” or the “Offering”) on the First Market of the Abu Dhabi Securities Exchange (“ADX”).

The price of the Offering was set at AED 1.10 per ordinary share with the total value of the Offer Shares equaling AED 628,571,429, equivalent to 22.22% of Bayanat’s share capital at listing.

The Offering saw significant demand from investors with total gross demand for the Offering amounting to over AED 57.5 billion, implying an oversubscription of 379 times excluding Cornerstone Investors and 90 times on aggregate.

On 21 October 2022, the Professional Investor tranche, which offered 534,285,715 shares, was oversubscribed 41x within hours of the subscription open period, which excluded commitments received from Cornerstone Investors.

Commenting on the announcement, His Excellency Tareq Al Hosani, Chairman of the Board of Directors of Bayanat AI PLC, said: “The overwhelming demand for our Offering demonstrates the clear trust and confidence of the investment community in the UAE’s booming technology sector. The IPO provides us the opportunity to share our success with a wider audience and continue innovating our world-class solutions underpinned by a robust growth trajectory. We are excited to begin our journey as a listed company, which will only serve to solidify our positioning as a leading provider of AI-powered geospatial solutions”

Hasan Al Hosani, CEO of Bayanat AI PLC, added: As we embark on an exciting phase of growth, we aim to deliver sustainable, long-term shareholder value through a strategy of innovation, research and development. This would be made possible by realizing commercially viable advanced geospatial AI solutions. The strong demand for the IPO, which was 90 times oversubscribed, is a true testament to Bayanat’s proven business model and financials, and we look forward to taking our new investors along on our journey to further growth.”

Listing and the commencement of trading in Bayanat shares on ADX is expected to take place on 31 October 2022, subject to customary closing conditions, under the symbol “Bayanat” and ISIN “AEE01122B228”. Following the listing of its shares, Bayanat AI PLC will officially become the first-of-its-kind technology public company in the GCC and the only listed AI-powered geospatial solutions company in the MENA region

Upon listing on ADX, Group 42 Holding Ltd. will continue to own 77% shareholding in the Company.

Dubai Islamic Bank PJSC acted as Lead Manager, and First Abu Dhabi Bank PJSC acted as Lead Receiving Bank. International Securities were the Lead Placement Agent on the IPO. Hadef & Partners were the Legal Advisor.

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About Bayanat

Bayanat, a G42 company, provides comprehensive world-class AI-powered geospatial solutions to a growing number of sectors such as Defense, Environment, Energy & Resources, Smart Cities and Transportation. It’s offering includes topographic, hydrographic and aeronautical products and charts, as well as spatial data surveying, analysis, management, modelling, visualization and cartography services. Bayanat’s solutions harness vast amounts of premium and unique data from a range of sources including Satellites, High Altitude Pseudo Satellites (HAPS) and Earth Observation powered by AI to drive geospatial intelligence (gIQ).

For media inquiries, please contact:
Ajith Henry, Senior Director
Head of Financial Services and Capital Markets
FTI Consulting
Bayanat@fticonsulting.com

DISCLAIMER

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. The distribution of this announcement and other information in connection herewith may be restricted by law in certain jurisdictions and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.