Crypto Miner Phoenix Group Says UAE Initial Share Sale Was 33-Times Oversubscribed
Phoenix was looking to sell almost 18% of the company for a target raise of $368 million....
- Cryptocurrency miner Phoenix Group closed its initial public offering on the Abu Dhabi Securities Exchange, with the offering being 33 times oversubscribed.
- The company offered 907,323,529 shares at 1.50 dirhams per share, aiming to raise 1.36 billion dirhams ($368 million) and giving investors 17.64% ownership.
- Phoenix Group offers mining services through hosting and cloud-based solutions, as well as operating a crypto exchange called M2.
- The UAE has clear regulatory frameworks for digital assets, providing an advantage for companies seeking investment.
- Retail investors oversubscribed 180 times, while professional investors contributed to a 22-fold oversubscription.
- Trading of the shares is scheduled to begin on December 4.
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The sentiment of the article is generally positive, highlighting the success of Phoenix Group's IPO and the regulatory advantages in the UAE.
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