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Bayanat IPO

Bayanat’s AI-powered geospatial solutions are bringing game-changing advantages to a growing number of sectors.

How to subscribe

Overview

Bayanat AI PLC, a public company limited by shares incorporated in the Abu Dhabi Global Market (the “Company”) acts as a holding company for its operating subsidiary, Bayanat GIQ PJSC (“Bayanat”). Bayanat was established on 4 February 2008 and initially focused on geographical information systems (“GIS”). Bayanat later expanded into geospatial and data analytics/artificial intelligence (“AI”), leveraging its trusted, high-quality data to provide products and solutions to the most discerning customers.

Bayanat became a subsidiary of Mubadala in 2011 and, in 2016, became a division of Emirates Defence Industries Company (“EDIC”). In 2020, Bayanat was acquired by G42 - an Abu Dhabi based global leader in AI and cloud computing focused on exploring the full potential of AI as a tool to drive change across industries and businesses.

The integration of Bayanat’s geospatial expertise and G42’s AI capabilities created a synergized geospatial intelligence (“GIQ”) competency that is leveraging the diverse internal ecosystem of G42.

Chairman's Message

“I am delighted to announce Bayanat’s intention to list on ADX, providing a unique opportunity for investors to gain exposure to one of the region’s leading high-growth AI-powered geospatial intelligence businesses. This historic milestone is a clear, logical step for a company that has served as a market-maker and pioneer in its field since its establishment in 2008 and which has delivered consistently strong growth over recent years.

Listing on ADX enables Bayanat to increase its technology leadership, consolidate and extend its domestic leadership position, and expand both regionally and internationally.

As we mark another significant milestone in our journey today, I’m confident that our proven business model and ambitious growth strategy will serve as a foremost determinant of our aspiration to become a powerhouse in global AI-powered geospatial intelligence.”

His Excellency Tareq Al Hosani

Chairman of the Board of Directors

Bayanat at a Glance

Key Financial Figures

Revenue AED ‘000

366,665

FY 2021

490,555

9M 2022

Gross Profit AED ‘000

176,353

FY 2021

225,893

9M 2022

Gross Profit %

48%

FY 2021

46%

9M 2022

EBITDA AED ‘000

104,699

FY 2021

157,465

9M 2022

EBITDA %

29%

FY 2021

32%

9M 2022

Net Profit AED ‘000

96,287

FY 2021

146,926

9M 2022

Our Leadership

Board of Directors

HE Tareq Al Hosani

Chairman

Xiaoping Zhang

Vice Chairman

Ahmed Al Kuttab

Director, Board Member

Elham Al Qasim

Director, Board Member

Waheed Hasan Al Zaaki

Director, Board Member

Management Team

Hasan Al Hosani

Managing Director

Read bio

Abdulla Al Shamsi

Chief Operating Officer

Read bio

Dr. Fan Zhu

Chief Technology Officer

Read bio

Renyl Rauf

Chief Financial Officer

Read bio

Investment Highlights

Leading Geospatial AI company with three core divisions

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  • Geospatial Artificial Intelligence Solutions (gIQ): Bayanat’s gIQ division provides comprehensive world- class AI-powered geospatial solutions to a growing number of sectors such as defense, environment, energy & resources, smart cities, and transportation. The division is a one-stop-shop that possesses premium and unique data acquisition capabilities from below the ground to beyond the atmosphere using a range of sources including satellites and High Altitude Pseudo Satellites (HAPS). Its superior data processing capabilities result in the creation of topographic, hydrographic, and aeronautical products and charts, as well as spatial data surveying, analysis, management, modeling visualization, and cartography services. gIQ’s advanced AI-powered solutions provide cutting-edge, data-driven insights for informed decision making across asset integrity, change / movement detection and tracing, and others. The strategy for the division includes enhancing data acquisition capabilities, optimizing processes through the use of AI and further developing the commercial geospatial platform.
  • Smart Operations Solutions (SOPS): The Smart Operations Solutions division is driving the revolution in how entities approach their operations, by providing customers the latest AI-powered innovative technological solutions which deliver both superior efficiency and efficacy. The strategy for the division includes unifying Bayanat’s work across operating domains into a single platform, orchestrating digital transformation where needed, and continued development of bespoke solutions while ensuring security and technological excellence without compromise.
  • Smart Mobility Solutions (SMOS): Bayanat’s Smart Mobility Solutions division is the pioneer of autonomous driving and unmanned systems in MENA with a proven technological capability and know-how including Autonomous Solutions, Cloud Infrastructure, Digital Twins, Charging Infrastructure, Transportation Super Apps, and Testing and Simulation. Successful trials of TXAI, a ride hailing service using L4 autonomous vehicles will be followed by a comprehensive transformation program of the public transportation system. The Company’s SMOS capability lies at the intersection of its Artificial Intelligence and gIQ capabilities: It’s gIQ provides the mission critical data infrastructure for the operation of unmanned systems including HD maps and HD positioning, while Artificial Intelligence is what makes vehicle autonomy possible. The strategy for the division includes transforming city transportation systems, expanding into aerial unmanned systems and developing ancillary solutions for aerial segment.

Best-in-class AI and data capabilities and superior value creation

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  • Post integration with G42 in 2020, Bayanat has evolved into a regional leader in diversified technology driven by world class AI, Geospatial and Cloud capabilities 
  • Leverages G42’s ecosystem (supercomputers, advanced analytics platforms) to provide clients with best-in-class secure cloud services and the top data processing and analytics tools available in the market

Strong financial performance characterized by robust revenue growth and healthy margins

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  • Bayanat reported revenues of AED 366.7 million for the fiscal year 2021, a year-on-year increase of 48%, compared to AED 247.8 million for 2020
  • Revenue for the nine-month period ended 30 September 2022 has reached AED 490.6 million (+101% growth year-on-year) with Gross Profit and EBITDA respectively at AED 225.9 million (+104% year-on-year) and AED 157.5 million (+167% year-on-year)
  • Bayanat’s Gross Margin was 48% in 2021 compared to 46% in 2020, while EBITDA increased from AED 76.7 million in 2020 to AED 104.7 million in 2021, representing an increase of 37% year-on-year
  • Net Margin has increased to 30% for the nine-month period ended September 30 2022, up from 22% for the same period in 2021
  • Net cash for the nine-month period stands strong at AED 114.8 million, compared to AED 12.1 million for the same period in 2021
  • Bayanat has experienced triple-digit growth in revenue since 2019 with a CAGR of 126%

The first-of-its-kind technology company listing in the region

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  • Bayanat is aligned with UAE’s long-term strategy for use of geospatial technologies across all industries in the country such as defense, sustainability, smart cities, community
  • The Company’s planned offering and listing will provide investors with an opportunity to gain exposure to one of the region’s leading high-growth AI-powered geospatial intelligence businesses

Backed by powerhouse cornerstone investors

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  • The Company has entered into cornerstone investment agreements with Silver Lake and International Holding Company (IHC)
  • The cornerstone agreements reinforce the confidence Silver Lake, IHC and other international investors have in Bayanat, G42 and Abu Dhabi, and opens opportunities for further collaboration and business development
  • Silver Lake is making its first investment in a company to be listed on the ADX through the Bayanat IPO 
  • IHC is participating in the Offering, marking one of its largest investments in an AI-powered technology company

IPO Timeline

16

October

2022

Intention to List announcement

21

October

2022

Offering commencement date

25

October

2022

Closing Date

29

October

2022

SMS Confirmation to all successful subscribers, the commencement of refunds

31

October

2022

Listing the Shares on ADX

Key Documents

How to Subscribe

To subscribe to the Bayanat IPO, please follow the steps below. Further detailed information can be found in the prospectus.

1.
Make sure you have your ADX Investor Number (NIN)

If you don’t have a NIN, you can register for one instantly with your UAE Pass through the ADX SAHMI app or by calling the ADX call center on 800239. If you are unsure whether you already have a NIN, please call the ADX customer service center at 800239 or email callcenter@adx.ae.

2.
Read the Prospectus document

Review the content and documents on this IPO webpage to get more information about the company and its initial public offering. The Prospectus document provides all material information about the company and the IPO.

3.
Make an informed decision

Once you have familiarized yourself with the company, you can make an informed investment decision.

4.
Subscribe to the Offering

If you have decided that you would like to invest, you can subscribe to the offering through the Receiving Bank, First Abu Dhabi Bank (“FAB”), or through the ADX e-portal - e-IPO Portal (adx.ae). Further information about how to subscribe through FAB can be found further down this page and in the Prospectus document.

5.
Allocation of Shares

You will be notified of the number of shares allocated to you. You may or may not receive the full allocation of your order. In the event of oversubscription of the offer shares, any excess amounts will be refunded to you.

Frequently Asked Questions

WHAT IS BAYANAT AI PLC?

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The Company acts as a holding company for its subsidiary, Bayanat GIQ PJSC. Bayanat GIQ is a pioneering and responsible artificial intelligence company that is powering progress and transforming industries and categories by providing predictive capabilities to ‘stay ahead of today’. Born in the UAE and a partner of choice for over 45 years, Bayanat GIQ has evolved from a traditional mapping and surveying operator to an AI-powered geospatial intelligence company bringing game-changing advantages to a growing number of sectors.

Committed to responsible technology for our planet and communities, Bayanat is a global leader in technological innovations across the geospatial industry and its application in smart operations and smart mobility. Bayanat brings to the world an unrivaled offer of public and private partnerships, external and internal integration, commercial strength, and speed-to-market to create revolutionary, world-first products and services that enable a quantum leap in humankind’s progress.

Bayanat GIQ is organized into three core divisions:

Geospatial Artificial Intelligence Solutions (gIQ)

Bayanat’s gIQ division provides comprehensive world-class AI-powered geospatial solutions to a growing number of sectors such as defense, environment, energy & resources, smart cities, and transportation. The division is a one-stop-shop that possesses premium and unique data acquisition capabilities from below the ground to beyond the atmosphere using a range of sources including satellites and High Altitude Pseudo Satellites (HAPS). Its superior data processing capabilities result in the creation of topographic, hydrographic, and aeronautical products and charts, as well as spatial data surveying, analysis, management, modeling visualization, and cartography services. gIQ’s advanced AI-powered solutions provide cutting-edge, data-driven insights for informed decision making across asset integrity, change / movement detection and tracing, and others.

The strategy for the division includes enhancing data acquisition capabilities, optimizing processes through the use of AI and further developing the commercial geospatial platform.

Smart Operations Solutions (SOPS)

The Smart Operations Solutions division is driving the revolution in how entities approach their operations, by providing customers the latest AI-powered innovative technological solutions which deliver both superior efficiency and efficacy.

The strategy for the division includes unifying Bayanat’s work across operating domains into a single platform, orchestrating digital transformation where needed, and the continued development of bespoke solutions while ensuring security and technological excellence without compromise.

Smart Mobility Solutions (SMOS)

Bayanat’s Smart Mobility Solutions division is the pioneer of autonomous driving and unmanned systems in MENA with a proven technological capability and know-how including Autonomous Solutions, Cloud Infrastructure, Digital Twins, Charging Infrastructure, Transportation Super Apps, and Testing and Simulation. Successful trials of TXAI, a ride hailing service using L4 autonomous vehicles will be followed by a comprehensive transformation program of the public transportation system.

Our SMOS capability lies at the intersection of our Artificial Intelligence and our gIQ capabilities: Our gIQ provides the mission critical data infrastructure for the operation of unmanned systems including HD maps and HD positioning, while Artificial Intelligence is what makes vehicle autonomy possible.

The strategy for the division includes transforming city transportation systems, expanding into aerial unmanned systems and developing ancillary solutions for aerial segment.

WHAT IS BAYANAT’S OWNERSHIP HISTORY?

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Bayanat was established on 4 February 2008 and initially focused on geographical information systems (“GIS”). Bayanat later expanded into geospatial and data analytics/ artificial intelligence (“AI”), leveraging its trusted, high-quality data to provide products and solutions to the most discerning customers.

Bayanat became a subsidiary of Mubadala in 2011 and, in 2016, became a division of Emirates Defence Industries Company (“EDIC”). In 2020, Bayanat was acquired by G42, an Abu Dhabi based global leader in AI and cloud computing focused on exploring the full potential of AI as a tool to drive change across industries and businesses. The integration of Bayanat’s geospatial expertise and G42’s AI capabilities created a synergized geospatial intelligence (“GIQ”) competency that is leveraging the diverse internal ecosystem of G42.

HOW IS BAYANAT STRUCTURED?

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Bayanat has an experienced Board and Executive Management team and a fit-for-purpose organizational structure aligned with global best practices.

HOW HAS BAYANAT PERFORMED FINANCIALLY OVER THE PAST FEW YEARS?

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Bayanat reported revenues of AED 366.7 million for the fiscal year 2021, a year-on-year increase of 48%, compared to AED 247.8 million for 2020. Bayanat’s Gross Margin was 48% in 2021 compared to 46% in 2020, while EBITDA increased from AED 76.7 million in 2020 to AED 104.7 million in 2021, representing an increase of 37% year-on-year.

Revenue for the nine-month period ended 30 September 2022 reached AED 490.6 million (+101% growth year-on-year), with Gross Profit and EBITDA respectively at AED 225.9 million (+104% year-on-year) and AED 157.5 million (+167% year-on-year).

Bayanat is on track to report strong performance achievements by the end of the year.

No dividends were distributed for the fiscal year ended 31 December 2021 to the sole shareholder, and the profits were carried forward in the amount of AED 96.3 million for the following fiscal year.

WHY INVEST IN BAYANAT THE COMPANY?

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Investing in Bayanat AI PLC is a unique opportunity for investors to gain exposure to one of the region’s leading high-growth AI-powered geospatial intelligence businesses.

WHAT WILL THE DIVIDEND POLICY BE?

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At the end of each financial year, the Board provides its recommendation in relation to dividends distribution taking into consideration the achieved net profits for such year and the company’s growth requirements.

HOW WILL THE COMPANY USE THE PROCEEDS OF THE IPO?

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Listing on ADX enables the Company to increase its technology leadership, consolidate and extend its domestic leadership position, and expand both regionally and internationally.

WHO WILL BE ABLE TO BUY SHARES IN BAYANAT?

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The offering comprises up to 571,428,572 shares (which will represent 22.22% of the share capital of the company as at the date of listing) that are being offered for public subscription.

WHEN IS THE SUBSCRIPTION PERIOD?

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The subscription period for the listing will open on 21 October 2022 and close on 25 October 2022. The company intends to list on ADX on 31 October 2022.

HOW DOES THE SUBSCRIPTION PROCESS WORK?

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Please visit the dedicated section on the Bayanat AI PLC’s IPO microsite, ‘How to Subscribe’ for information on how to apply for shares through the receiving bank or ADX ePortal.

WHAT IS AN INVESTOR NUMBER (NIN) WITH ADX?

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A NIN is an investor identification number that is used by ADX through which all transactions on the exchange can be initiated, including clearing, settlement and trading transactions. All subscribers to the IPO required a NIN to apply for shares.

How do I create an investor number (NIN) to subscribe to the IPO?

Investors can apply for the issuance of an investor number on the Abu Dhabi Securities Exchange through one of the following service channels:

The following documents are required to issue a NIN:

Individuals:

  • Original Emirates ID card. (For UAE citizens and residents holding Emirates identity)
  • Passport and ID card from the country of residence for foreigners not residing in the Emirates and an International Bank Account Number (IBAN) letter, providing that the bank account is solely in the name of the applicant and not a joint bank account

Companies:

  • A valid trade license copy (original for review)
  • Company incorporation contract
  • Company’s Board of Director members list for the last certified/audited period
  • A Letter with the list of all authorized signatories
  • International Bank Account Number (IBAN) letter

Investment Portfolios:

  • Letter of Approval issued by the Central Bank of the United Arab Emirates to start portfolio activity
  • A copy of the commercial license of the issuer of the portfolio (original for review)
  • List of names and signatures of authorized people from the portfolio, with clarification of powers
  • Portfolio Prospectus
  • International Bank Account Number (IBAN) letter

Free Zones:

  • A copy of the free zone license (original for review)
  • A list of the Company’s Board members for the last certified period
  • A letter with the list of authorized signatories
  • International Bank Account Number (IBAN) letter

For more information, please visit www.adx.ae

THROUGH WHICH BANKS CAN I SUBSCRIBE FOR SHARES THROUGH?

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For retail investors, First Abu Dhabi Bank PJSC has been appointed as the lead receiving bank.  

For eligible professional investors, orders have to be submitted through the Placement Agent, International Securities.

For more information on how to subscribe, please refer to the relevant sections of the Prospectus.

Receiving Bank

Contact Information

Call Center

First Abu Dhabi Bank PJSC

+971-2-6161800

Investor Relations

Media Enquiries

Ajith Henry, Senior Director - Head of Financial Services and Capital Markets, FTI Consulting

Aashti Bawa, Director, FTI Consulting

Bayanat@fticonsulting.com


Bayanat AI PLC