G42 Group, a firm specialized in cloud computing and artificial intelligence technology, has announced the launch of an initial public offering (IPO) of a 32% stake or 1.35 billion shares in its subsidiary, Presight AI. The IPO aims to raise $495.6 million, and the subscription period will run from March 13 through March 17. Presight AI is an AI-powered big data analytics company and following the IPO, its share capital will amount to $152.6 million.
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As the IPO’s cornerstone investor, Abu Dhabi-based conglomerate International Holding Co. (IHC) has disclosed its intention to invest in Presight AI, but the proposed investment’s value was not made public. G42 has already completed an IPO of another subsidiary, Bayanat, an Abu Dhabi-based provider of geographic data and analytics, last year.
Regarding the Presight AI IPO, G42’s CEO, Peng Xiao, stated: “The planned IPO will further strengthen Presight AI’s market position and enhance our offerings, enabling us to contribute to the development of the global AI industry”.