Officials during the trading debut of Bayanat on the Abu Dhabi Securities Exchange.
Bayanat AI, one of the region’s leading high-growth AI-powered geospatial solutions businesses, has on Monday made its trading debut as the first company to list under the technology sector on the Abu Dhabi Securities Exchange (ADX) after its successful IPO. It is trading under the trading symbol BAYANAT.
Abu Dhabi-based Bayanat’s IPO will support the company’s strategy of investing in cutting-edge R&D and exploring inorganic growth opportunities to reinforce its position as a leading player in geospatial artificial intelligence solutions, smart operations solutions and smart mobility solutions. With roots stretching back to the creation of the UAE’s Military Survey Department in 1974, Bayanat was established in 2008 as a geographical information systems (GIS) specialist and has since expanded into geospatial and data analytics. After being acquired in 2020 by G42, an Abu Dhabi-based global leader in artificial intelligence (AI) and cloud computing, Bayanat has evolved into an AI-powered geospatial solutions company, bringing game-changing advantages to a growing number of sectors.
Bayanat’s revenue in 2021 was Dhs366.7 million, up from Dhs247.8 million in 2020. Gross profit increased from Dhs113.9 million in 2020 to Dhs176.4 million in 2021. Revenue and Gross profit for the nine-month period ended Sept.30, 2022 reached Dhs490.6 million and Dhs225.9 million, compared to Dhs244.1 million and Dhs110.6 million respectively, for the nine-month period ended Sept.30, 2021. Net cash was Dhs114.8 million as of Sept.30, 2022 compared to Dhs56.8 million as of 31 December 2021 and Dhs12.1 million as of 30 September 2021.
This listing brings the number of companies listed on ADX to 88. Total market capitalisation as of 28 October 2022 recorded Dhs2.38 trillion.
Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX said: “We are delighted to welcome Bayanat AI to the Abu Dhabi Securities Exchange as the first company to list under the technology sector. This listing further demonstrates ADX’s position as the region’s leading exchange offering investors access to a diverse range of opportunities and allowing companies to participate in the Emirate’s economic growth. The exchange’s strategy remains fully aligned with the government’s ambition to further diversify Abu Dhabi’s economy and position it as an attractive destination for international capital.”
Hasan Al Hosani, Chief Executive Officer of Bayanat AI, said: “Bayanat’s listing on ADX is the latest stage of a journey which began 45 years ago. We will now focus on further strengthening our AI solutions powered by our geospatial technology, international expansion, inorganic growth and new JVs creation and partnerships. We are confident that listing on ADX will deliver the increased investment, support and profile we need to achieve these ambitions and aim to deliver sustainable, long-term shareholder value.”
Abu Dhabi Securities Exchange (ADX) was established on Nov.15, 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On March 17 2020, ADX was converted from a “Public Entity” to a “Public Joint Stock Company” pursuant to law No. (8) of 2020. ADX is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.