Shares in Presight AI, a data analytics company, soared on Monday, their first day of trading on the Abu Dhabi bourse after a $496mn initial public offering that was 136 times oversubscribed.
The demand is no one-off. It comes two weeks after Adnoc Gas raised $2.5bn in the emirate’s biggest listing. They are among the latest in a fast-flowing pipeline of offerings in the Middle East that contrasts sharply with Europe’s moribund market.
The 51 IPOs across the Middle East and north Africa last year was a record, according to EY. They raised $22bn, a 179 per cent increase on 2021, the advisory firm said, adding that this year’s market looked “healthy”.
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