Presight AI, a G42 Company, announces start of subscription period for Initial Public Offering 

Presight AI Holding PLC (“Presight” or the “Company”), a G42 company, and the region’s leader in big data analytics powered by artificial intelligence (“AI ”), today announced the opening of the subscription period for its Initial Public Offering (“IPO” or the “Offering”) on the Abu Dhabi Securities Exchange (“ADX”) First Market. The Company has received approval confirming that the Offering remains in line with Sharia-compliant parameters.

Details of the Offering

The opening of the subscription period for the Offering commences today, 13 March 2023, and will close on 17 March 2023. The shares are offered at a fixed price of AED 1.34. The Sharia-compliant shares are expected to be listed on ADX on 27 March 2023.

On 3 March 2023, the Securities and Commodities Authority (the “SCA”) approved the Company’s application for an IPO of 1,359,680,000 shares (“Offer Shares”) representing 24.24% of the Company’s share capital as of the listing date. Following the Offering, Group 42 Holding Ltd will continue to be the majority shareholder.

Financial Performance and Outlook

Presight has demonstrated a strong track record of historical performance that is underpinned by solid growth in recent years, a robust balance sheet with headroom to capture forecasted growth, and a strong organic pipeline driven by dependable and predictable revenues thanks to long-term committed and recurring contracts.

Presight’s revenue growth has been strong at USD 423 million for the financial year ending 31 December 2022, up 16% on the financial year ending 31 December 2021. This revenue growth has resulted from a material growth in Presight’s customer order book comprising long-term recurring customer contracts.

Presight has demonstrated substantial growth in profitability, recording gross profit for the financial year ending 31 December 2022 of USD 266 million, up 92% on the financial year ending 31 December 2021, and net profit of USD 148 million for the financial year ending 31 December 2022, an increase of 55% on the financial year ending 31 December 2021. Gross and net profit margins are solid, at 63% and 35% respectively for the financial year ending 31 December 2022.

Subscription Process

The Offering is available to both Retail and Professional Investors with the completion of the subscription on 17 March 2023 and the expected listing of the shares on the ADX on 27 March 2023, subject to market conditions and obtaining the relevant regulatory approvals in the UAE.