Shares in Abu Dhabi big data analytics company Presight AI climbed 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 almost a third of the business.
Presight’s shares rose as high as 3.70 dirhams on the Abu Dhabi Securities Exchange before retreating a little to 3.40 dirhams. The shares were priced at 1.34 dirhams for the IPO.
The company is majority owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan. Sheikh Tahnoon is the UAE’s national security adviser and has acted as a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan.
Sheikh Tahnoon’s financial interests include conglomerate International Holding Company, which was a cornerstone investor in the Presight IPO.
He was also recently named chair of Abu Dhabi Investment Authority, the emirate’s largest sovereign wealth fund, and was already chair of smaller wealth fund ADQ. ($1 = 3.6723 UAE dirham)