The initial public offering, which raised roughly 1.822 billion dirhams ($496 million) in proceeds, witnessed strong demand from retail and professional investors.

The IPO was oversubscribed by 136 times, excluding the commitment from the company’s cornerstone investor, International Holding Corporation.

Presight’s shares are also certified to be Shariah compliant, according to an announcement by the Shariah Board of Dubai Islamic Bank, the IPO’s lead manager.

“We are delighted to have completed Presight’s IPO, and to begin our next chapter as only the second technology company to be listed on the ADX, reinforcing our position as a pioneer in the industry,” Mansoor Al Mansoori, chairman of Presight, said.

Presight’s IPO now gives investors the opportunity to own a share of the data analytics company powered by AI, hence enabling positive societal impact. The company’s products are used in three major industries with significant impact and market development potential including public services, finance and sports.

Al Ansari completes IPO

UAE-based exchange house Al Ansari Financial Services announced that the final offer price for its IPO has been set at 1.03 dirhams per share, which is at the top of the previously indicated price range from 1.00 dirhams per share.

The statement comes after the book-building and subscription processes for its IPO on March 24, have been completed. Al Ansari raised 773 million dirhams with its IPO.

Last week, the company expanded the size of its retail offering from 5 percent of the share capital to 7.5 percent in response to strong investor demand.

The dividend yield will be at least 7.8 percent at the listing price, and the market value of the group will be 7.73 billion dirhams.

Following the completion of the IPO, Al Ansari Holding will continue to own 90 percent of the group’s issued share capital.