Abu Dhabi AI Firm Triples on Debut After Rare Gulf Tech IPO
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Bayanat AI Plc more than tripled in its Abu Dhabi trading debut, after raising $171 million in an initial public offering backed by private equity firm Silver Lake and the United Arab Emirates’ most valuable company.
Shares in the geospatial and data analytics firm owned by Abu Dhabi’s G42 soared 241% to 3.75 dirhams by 11:46 a.m. on Monday, after earlier jumping as much as 309%. Bayanat sold shares at 1.10 dirhams apiece in the IPO, a rare technology listing in the energy-rich Middle East.