A. SREENIVASA REDDY (ABU DHABI)
G42, the Abu Dhabi-based technology group, has sold 2% of its shares in Presight AI Holding to institutional investors through an accelerated “bookbuild offering”.
The transaction, which was priced at Dh3.12 per share, raised around Dh370 million ($100 million) and attracted strong demand from investors in the UAE and abroad. Settlement is expected on or around September 10. The share is currently trading at around Dh3.36, around 3% less than the previous close.
“The transaction aims to broaden Presight's international investor base as well as increase free float and improve liquidity, particularly as the company prepares for inclusion in the FTSE Emerging Market Index,” G42 said in a statement posted on the Abu Dhabi Securities Exchange (ADX) website.
Following the placement of 118 million ordinary shares, G42’s holding in Presight will reduce from 70.5% to about 68.5%. All shares were sold by G42, with no dilution for other shareholders, and the group has entered a 180-day lock-up commitment on further sales. Proceeds will accrue solely to G42, with no impact on Presight’s operations.
Ricky Thirion, Group CFO of G42, said: “Presight is a critical pillar of the G42 ecosystem and a cornerstone of our Intelligence Grid offering. Its strong performance reflects the company’s ability to deliver consistent growth and the calibre of leadership driving it forward.”
First Abu Dhabi Bank and Jefferies acted as Joint Global Coordinators and Joint Bookrunners, while International Securities served as Joint Bookrunner.
Presight’s market capitalisation currently stands at Dh19.73 billion, according to ADX data. International Tech Group, a subsidiary of International Holding Company (IHC), holds a 15% stake in the company.
The sale mirrors similar strategic moves by other Abu Dhabi heavyweights. ADNOC Logistics and Services and ADNOC Gas both increased their free-float levels through secondary placements this year, enabling them to qualify for MSCI Index inclusion. ADNOC Drilling also boosted its free float in 2024, leading to its MSCI inclusion. These moves widened international shareholder bases, lifted trading volumes and expanded analyst coverage — outcomes Presight is now seeking to replicate.