Bayanat AI: Professional Investor IPO Tranche Oversubscribed by 41%

Bayanat AI PLC, an AI-powered geospatial intelligence businesses, announced on Friday start of the subscription period for its Initial Public Offering (IPO) on the First Market of the Abu Dhabi Securities Exchange (ADX). The IPO received enough subscriptions to cover 41X of the remaining professional investor shares.

Nearly an hour after subscriptions to the IPO opened, the Company announced that it had gathered enough subscriptions to cover the Professional Investors’ offering of 534,285,715 shares.

The subscription period ends on 25th October 2022 while the listing of shares and trading on ADX is anticipated on 31st October 2022.

Commenting on the announcement, Hasan Al Hosani, CEO of the Company, said, “It gives me great pleasure to bear witness to the show of commitment by our Cornerstone Investors – Silver Lake and International Holding Company (IHC), as well as other professional investors."

Dubai Islamic Bank is the Lead Manager, and First Abu Dhabi Bank is acting as the Lead Receiving Bank. International Securities are the Lead Placement Agent on the IPO.