Abu Dhabi – Mubasher: AI Data Company, a subsidiary of G42, intends to offer 571,428,572 shares of the company under public subscription, equal to 22.22% of its capital on the date of listing and listing of the company on the main market of Abu Dhabi Stock Exchange .
The company explained that the company’s planned offering and listing is an opportunity for investors to invest in one of the leading high-growth AI-powered geospatial information companies in the region, according to a press release. .
It indicated that the subscription opening for the initial public offering will be October 21, 2022 and close on October 25, 2022, noting that it intends to list its shares on the Abu Dhabi Securities Exchange on October 31, 2022.
The company has expressed its intention to offer no. 571,428,572 shares (representing 22.22% of the company’s share capital at the listing date) at the offer price.
G42 Group Holdings Limited maintains a 77% stake, provided that the shares subject of the Offer are fully subscribed.
Bayanat, a G42 company, provides high-level geospatial information based on artificial intelligence to a growing number of sectors such as defense, environment, energy, resources, smart cities and transportation.
Its offerings include the supply of topographic, hydrographic and aerial products and maps, as well as spatial data surveying, analysis, management, modeling, visualization and mapping services.
Bayanat’s GIQ division provides high-end geospatial solutions based on artificial intelligence to a growing number of sectors such as defense, environment, energy, resources, smart cities and transportation.
The industry strategy includes enhancing data acquisition capabilities, improving operations through the use of artificial intelligence, and further developing the commercial geospatial platform.
The industry strategy includes unifying Bayanat’s work across all operational areas on a single platform, coordinating digital transformation appropriately and continuing to develop customized solutions while ensuring uncompromising safety and technological excellence.
Interestingly, the data company’s revenues totaled AED 366.7 million for fiscal year 2021, an annual increase of 48%, compared to AED 247.8 million for the year 2020.
The company’s gross profit margin was 48% in 2021 compared to around 46% in 2020, while EBITDA increased from AED 76.7 million in 2020 to AED 104.7 million in 2021, an increase 37% on an annual basis.
Revenue for the nine-month period ending September 30, 2022 was AED 490.6 million (an annual growth rate of more than 101%).
To trade and invest in the Gulf stock exchanges, click here
Applications:
Report .. the most important economic events in the Emirates within a week
