DUBAI, March 27 (Reuters) - 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)
(Reporting by Yousef Saba
Editing by David Goodman)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.