G42, an artificial intelligence company based in Abu Dhabi, intends to list its shares on the local stock market and float Presight.ai, its big data analytics division, through an IPO valued at 1.82 billion dirhams ($495.6 million).

In a capital increase, Presight plans to issue 1.36 billion additional shares, or 32% of the business prior to the offering, for a price of 1.34 dirhams each.

The offer time is from March 13 through March 17, inclusive.

Sheikh Tahnoon bin Zayed al-Nahyan, who chairs G42, is the head of a business empire under the control of his brother, President Sheikh Mohammed bin Zayed al-Nahyan. He also serves as a national security advisor for the UAE.

Sheikh Tahnoon has financial holdings in the sovereign wealth fund ADQ and the regional conglomerate International Holding Company (IHC.AD), both of which are cornerstone investors in the IPO.