Hadef and Partners advised Bayanat AI plc and its major shareholder Group 42 Holding ltd in connection with Bayanat’s initial public offering and listing on the Abu Dhabi Securities Exchange (ADX). The announcement of the IPO was made on 16 October. Subscription starts on 21 October and closes on 25 October with a target listing on 31 October on ADX.
The offering is expected to raise over AED628 million.
Bayanat’s IPO involved a number of unique challenges as a result of its very short preparation period. Hadef advised on the corporate restructuring that preceded the IPO.
The Hadef team in Abu Dhabi was supported by Head of Corporate, Yasser Omar. Core team included Senior Legal Consultant Mahmoud El Gharabawy .
Yasser Omar commented.... “We are proud to have advised Bayanat and G42 on this IPO. We assisted on the legal structure that supported the IPO initiative. Our approach and guidance in terms of the IPO process along with the support from the Securities and Commodities Authority were key factors in achieving the client’s goal.”
Ahmed Hadeed commented..... “This is the fastest IPO I have ever encountered. It was a big challenge to be able to draft the offering prospectus and other key IPO documents, negotiate with various advisers and with the SCA in less than a month. We are delighted that Hadef was able to achieve this for Bayanat and G42..”