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Bayanat is set to raise $171 million in an Initial Public Offering (IPO) backed by Silver Lake

The company acts as a holding company - set to become the first-of-its-kind technology venture to list in the GCC

by The Business Pinnacle
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  • Bayanat AI PLC, a public company limited by shares incorporated in the Abu Dhabi Global Market acts as a holding company is now set to become the first-of-its-kind technology venture to list in the GCC and the only listed AI-powered geospatial and data analytics/ intelligence company in the MENA region.
  • The offering of a stake (which will represent 22.22% of the share capital of the Company as of the listing date) and listing the Company on the First Market of ADX will offer investors the opportunity to invest in one of the MENA region’s leading AI-powered geospatial and data analytics intelligence companies.
  • The subscription period for eligible retail investors will open on 21 October 2022 and close on 25 October 2022.

Bayanat AI PLC, a geospatial and data analytics/ artificial intelligence (‘‘AI’’) public company owned by G42, an Abu Dhabi-based global leader in AI and cloud computing, is set to raise $171 million in an initial public offering backed by US global private equity firm Silver Lake. Focused on investments in technology, technology-enabled, and related industries.

G42 is selling 571.4 million shares in Bayanat PLC at 1.10 dirhams ($0.27) each. The global private equity firm, Silver Lake and Abu-Dhabi’s International Holding Company will finance at that price, although the extent of the commitment wasn’t instantly apparent.

Substantial minority stake

Earlier last year, the technology-focused private equity firm Silver Lake acquired a substantial minority stake in Abu Dhabi-based artificial intelligence and cloud computing company G42.

Energy to healthcare

Artificial intelligence (AI) firm, G42 has operations spanning from energy to healthcare. The company announced that subscriptions to Bayanat AI’s IPO are now open for eligible retail investors until October 25, 2022. The Company proposes to list on Abu Dhabi Securities Exchange (“ADX”) as on 31 October 2022.

Public subscription

The Company proposes to offer for public subscription 571,428,572 shares (which will constitute 22.22% of the share capital of the business as of the date of listing) at the offer value. As of the listing date, provided that the offering shares are fully subscribed, 77% shareholding will be held by Group 42 Holding Ltd.

Group 42 (G42) and International Holding Company (IHC) – the UAE’s most valuable listed company that’s valued at $193 billion, are part of a business empire overseen by UAE national security adviser Sheikh Tahnoon Bin Zayed. Silver Lake invested $800m for a stake in Abu Dhabi’s G42 in April last year, and the firm also considers Abu Dhabi wealth fund Mubadala Investment Co. as an investor.

Autonomous vehicle trials

Group 42’s Bayanat unit last year signed an agreement to begin autonomous vehicle trials in March and the UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum approved the testing of self-driving vehicles.

The firm stated revenue of AED 490.6 million and an AED 225.9-million profit for the nine months to September more than two-fold a year ago.

Its IPO is the most recent indication of long-term investor demand for Gulf listings, even as listings stumble globally. Abu Dhabi healthcare provider Burjeel Holdings Plc raised $300 million earlier this month.

About Bayanat

Bayanat AI PLC, a public company limited by shares incorporated in the Abu Dhabi Global Market (the “Company”) acts as a holding company for its operating subsidiary, Bayanat GIQ PJSC. Bayanat was founded on 04 February 2008 and initially focused on geographical information systems (“GIS”). Bayanat soon after expanded into geospatial and data analytics/artificial intelligence (“AI”), leveraging its trusted, high-quality data to offer products and solutions to the most discerning consumers.

In 2011, Bayanat became a subsidiary of Mubadala and, in 2016, became a division of Emirates Defence Industries Company (“EDIC”). In 2020, Bayanat was acquired by G42 – a global leader in AI and cloud computing based in Abu Dhabi focused on exploring the full potential of AI as a tool to drive change across industries and businesses.

The integration of Bayanat’s geospatial expertise and G42’s AI capabilities established a synergized geospatial intelligence (‘‘GIQ’’) competency that is leveraging the distinct internal environment of G42.

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