Dubai: The Abu Dhabi based G42 Group is launching an IPO for a second subsidiary – presight.ai – by offering 1.35 billion shares at Dh1.34 each for a Dh1.82 billion issue size. The stake sale represents 32 per cent of the company’s share capital, according to advertisement placed in the local media.

The presight.ai IPO subscription opens March 13 and runs until March 17. 

Late last year, G42 – which has entrenched interests in multiple sectors based around high-tech did the IPO for Bayanat.AI, its mobility solutions company with significant government contracts. The IPO, one of the few from a private sector enterprise in the UAE during 2022, was an instant success.

With presight.ai, G42 hopes to follow the same formula – offer up an entity that’s building an AI-linked portfolio of services with high commercial possibilities.

More to follow...