Abu Dhabi-based AI company Bayanat recorded outstanding results during the first 15 minutes of trading on the Abu Dhabi Securities Exchange (ADX). The stock, with the IPO price at 1.10 dirham, went in for an immediate acceleration to 4 dirhams and by 10.15 dirhams had racked up more than 70.63 million dirhams in value of trades.
Bayanat made on Monday its trading debut as the first company to list under the technology sector on ADX after its successful IPO.
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.
This listing brings the number of companies listed on ADX to 88. Total market capitalization as of 28 October 2022 recorded 2.38 trillion dirhams.
Bayanat’s revenue and gross profit for the nine-month period ended 30 September 2022 reached 490.6 million dirhams and 225.9 million dirhams. This is compared to 244.1 million dirhams and 110.6 million dirhams respectively, for the nine-month period ended 30 September 2021.
Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX said: “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.”
Hasan Al Hosani, Chief Executive Officer of Bayanat AI, said: “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.”