Cryptocurrency mining firm Phoenix Group prepares for public trading launch
Phoenix Group, a cryptocurrency mining firm, is getting ready for its public trading launch after experiencing significant oversubscription during its pre-market sale on November 21.
Revised IPO date due to UAE National Day
The public trading launch of Phoenix Group will be delayed as the company has revised the date for its upcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
According to an announcement on November 28, the crypto mining firm now plans to list its shares on December 5 instead of December 4, 2023. This change is due to public holidays declared for the United Arab Emirates National Day.
UAE National Day celebrations
The UAE National Day, celebrated on December 2, marks the formation of the UAE. The Ministry of Human Resources and Emiratization has designated December 2-4 as public holidays for the private sector.
To ensure comprehensive participation in the IPO and honor the occasion, Phoenix Group has rescheduled its listing date to December 5th, 2023.
Oversubscription and market confidence
As previously announced, Phoenix Group successfully closed its IPO with a 33 times oversubscription on November 18. The offering of 907,323,529 shares saw overwhelming demand from retail investors, with oversubscriptions reaching 180 times. Professional investors also contributed to a 22-fold oversubscription.
Phoenix Group’s mining facility in the Middle East
Phoenix is a UAE-based mining operator that is developing one of the largest mining facilities in the Middle East. Discussions about launching an IPO in the UAE have been ongoing since at least July 2023.
The UAE as a crypto-friendly jurisdiction
The UAE has become one of the most crypto-friendly jurisdictions globally, introducing various initiatives and economic free zones to support crypto development. On November 28, the crypto exchange M2 received regulatory approval and partnered with Abu Dhabi Commercial Bank to enable retail and institutional clients in the UAE to buy, sell, and store cryptocurrencies like Bitcoin (BTC).
Hot Take: Phoenix Group’s IPO Delayed Due to UAE National Day Celebrations
Cryptocurrency mining firm Phoenix Group has announced a delay in its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) due to public holidays for the UAE National Day. The IPO, which saw significant oversubscription during its pre-market sale, will now take place on December 5th instead of December 4th. Phoenix Group’s successful IPO closing demonstrated strong market confidence, with retail investors oversubscribing the offering 180 times. The company is known for developing one of the largest mining facilities in the Middle East and operates in a crypto-friendly jurisdiction. The UAE’s support for crypto development is further highlighted by recent regulatory approvals granted to crypto exchanges like M2.
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