Crypto Miner Phoenix Group Says UAE Initial Share Sale Was 33-Times Oversubscribed


21 Nov 2023 11:28 AM

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.

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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