Bayanat, a geospatial and data analytics firm owned by Abu Dhabi’s G42, is set to raise $171 million in an initial public offering backed by US private equity firm Silver Lake and the United Arab Emirates’ most valuable company.
(Bloomberg) — Bayanat, a geospatial and data analytics firm owned by Abu Dhabi’s G42, is set to raise $171 million in an initial public offering backed by US private equity firm Silver Lake and the United Arab Emirates’ most valuable company.
G42 is selling 571.4 million shares in Bayanat at 1.10 dirhams ($0.27) each. Silver Lake and Abu Dhabi’s International Holding Co. will invest at that price, though the size of the commitment wasn’t immediately clear.
An offering of 534.3 million shares for professional investors was covered within hours of the IPO opening for subscription on Friday, Bayanat said. The subscription period closes on Tuesday and trading is set to start on Oct. 31.
Artificial intelligence firm G42, which has operations spanning from energy to healthcare, will hold 77% in Bayanat after the listing.
G42 and IHC — the UAE’s most valuable listed company that’s worth $193 billion — are part of a business empire overseen by UAE national security adviser Sheikh Tahnoon Bin Zayed. Silver Lake bought a stake in G42 last year, and the firm also counts Abu Dhabi wealth fund Mubadala Investment Co. as an investor.
Bayanat last year started trials for the Middle East’s first driverless ride-sharing service in Abu Dhabi. The firm reported revenue of 490.6 million dirhams and a 225.9 million-dirham profit for the nine months to Sept. — more than double from a year ago.
Its IPO is the latest sign of continuing investor demand for new share sales in the Gulf, even as listings falter globally. Abu Dhabi healthcare provider Burjeel Holdings Plc raised $300 million earlier this month.
Read More: Middle East IPO Momentum Undeterred by Global Lull
(Updates with professional investors’ tranche getting covered in third paragraph)
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