Markets Abu Dhabi’s Bayanat IPO draws robust demand of $15.65bn By Reuters October 28, 2022 Reuters/Ben Job Markets have experienced a mixed 2023 but historically the fourth quarter is often the best for Gulf equities Bayanat, an Abu Dhabi-based provider of geographic data and analytics, said on Thursday it drew robust demand of AED 57.5 billion ($15.65 billion) for its initial public offering (IPO). Bayant is offering 22.22 percent of its share capital at AED1.1 per share, valuing the stake at AED628.6 million ($171.15m). Shares will begin trading on Monday. AI firm G42, which is backed by sovereign wealth fund Mubadala, will continue to own 77 percent of Bayanat. The flotation comes amid an IPO boom in the Gulf as the governments of Saudi Arabia, Abu Dhabi and Dubai push state-led listing programmes, riding high on oil prices and a comparative dearth of IPOs in other markets. In 2008, Bayanat was “born out of the commercialisation of the UAE’s military survey department,” which was set up in 1974, Bayanat’s website says. It was merged under G42 in 2020. In the same year, Mubadala took an undisclosed stake in G42, which is chaired by the UAE’s national security adviser. Bayanat’s chief executive is Hasan Al Hosani, a former officer in the UAE armed forces, business development consultant and co-founder of a security systems company, according to his LinkedIn. Bayanat provides surveying technology that it feeds to AI algorithms and said in a statement it would be “the only listed AI-powered geospatial solutions company in the MENA region.” Dubai Islamic Bank was lead manager, First Abu Dhabi Bank was lead receiving bank and International Securities was the lead placement agent on the IPO. Hadef & Partners was legal adviser.
