Abu Dhabi - Mubasher: Bayanat AI, a subsidiary of artificial intelligence (AI) and cloud computing firm G42, started trading its shares on the Abu Dhabi Securities Exchange (ADX) on 31 October 2022.
The newly-listed firm began trading under the ticker BAYANAT, according to a recent press release.
Bayanat become the first firm to list on ADX under the technology sector after it had offered 571.42 million shares, accounting for 22.22% of its share capital, in an initial public offering (IPO).
The IPO aligns with the company’s objective to invest in advanced research and development (R&D). It also aims to foster its position in geospatial artificial intelligence (GeoAI) solutions, smart operations, as well as smart mobility.
With Bayanat’s listing, the total number of companies listed on ADX reached 88, while the market cap amounted to AED 2.38 trillion as on 28 October 2022.
Saeed Hamad Al Dhaheri, Managing Director and CEO of ADX, said: “The exchange’s strategy remains fully aligned with the government’s ambition to further diversify Abu Dhabi’s economy and position it as an attractive destination for international capital.”
Hasan Al Hosani, CEO of Bayanat AI, said: “Bayanat’s listing on ADX is the latest stage of a journey which began 45 years ago. We will now focus on further strengthening our AI solutions powered by our geospatial technology, international expansion, inorganic growth, and new [joint ventures] JVs creation and partnerships.”
Al Hosani added: “We are confident that listing on ADX will deliver the increased investment, support, and profile we need to achieve these ambitions and aim to deliver sustainable, long-term shareholder value.”
Founded in 2008, the ADX-listed company was established as a geographical information systems (GIS) specialist and has since delved into geospatial and data analytics.
After being acquired by G42 in 2020, Bayanat has developed into an AI-powered geospatial solutions firm, scaling up its services across a growing number of sectors.
In the first nine months (9M) of 2022, Bayanat generated revenues worth AED 490.60 million, a hike from AED 244.10 million in 9M-21.
Meanwhile, the gross profits jumped to AED 225.90 million in 9M-22, compared to AED 110.60 million in the year-ago period.
