Abu Dhabi's G42 to sell $100 million stake in Presight AI

04/09/2025 04:29 AST

Artificial intelligence firm G42 will sell a 2% stake in Presight AI Holding Plc through an accelerated offering to institutional investors, a move that could raise about $100 million and expand the company's free float.

G42, which currently holds a 70.5% stake, will reduce its ownership to around 68.5% after the deal, while committing to a 180-day lock-up on further share sales. Books for the transaction are already fully covered, according to deal terms.

The sale is aimed at broadening Presight's international investor base, improving liquidity, and strengthening its prospects for inclusion in the FTSE Emerging Market Index.

"Presight is a critical pillar of the G42 ecosystem and a cornerstone of our Intelligence Grid offering," said Ricky Thirion, Group CFO of G42. "Its strong performance reflects the company's ability to deliver consistent growth and the caliber of leadership driving it forward."

Strong demand, rising stock
Presight's shares closed on Wednesday at 3.47 dirhams ($0.94), extending gains of 67% since the start of the year. The company has also reported a 33.5% increase in organic revenue in the first half of 2025, boosted by new domestic contracts.

Its 2023 initial public offering raised $496 million in a heavily oversubscribed deal, underlining strong investor demand for the stock since its market debut.

The latest deal adds to a surge in secondary share offerings across the Middle East. In the UAE, follow-on sales have raised about $3.7 billion in 2025, surpassing proceeds from initial public offerings.

G42 is the sole seller in the Presight transaction, with no dilution for other shareholders. First Abu Dhabi Bank PJSC and Jefferies Financial Group Inc. are acting as joint global coordinators and bookrunners, alongside International Securities as joint bookrunner.

Settlement is expected by September 10, 2025.

Gulfnews