Presight AI shares rose as much as 176% on their stock market debut after raising 1.82 billion dirhams ($495.6 million) in an initial public offering (IPO) for nearly a third of the firm.
On the Abu Dhabi Securities Exchange, Presight’s shares climbed as high as 3.70 dirhams before falling slightly to 3.40 dirhams. For the IPO, the shares were valued at 1.34 dirhams.
G42, which is controlled by Sheikh Tahnoon bin Zayed al-Nahyan, owns the majority of the business. Sheikh Tahnoon is the UAE’s national security advisor and has assisted his brother, President Sheikh Mohammed bin Zayed al-Nahyan, with foreign policy issues.
Sheikh Tahnoon’s financial holdings include the company International Holding Company (IHC.AD), a key investor in the Presight IPO.
In addition, he was recently appointed chair of the Abu Dhabi Investment Authority, the emirate’s biggest sovereign wealth fund, and was previously chair of the smaller wealth fund ADQ.
(1 US dollar equals 3.6723 UAE dirham)