Phoenix Group, a prominent cryptocurrency mining firm, has achieved a historic milestone by making its debut on the Abu Dhabi Securities Exchange (ADX), marking it as one of the Middle East’s pioneering publicly listed companies in the crypto industry.
This momentous event unfolded on December 5th, with Phoenix Group’s stock initially trading at 2.25 dirhams ($0.6) as per data from the ADX exchange.
Remarkably, this price skyrocketed by an astonishing 50% from the IPO price of 1.50 dirhams ($0.41), as outlined in the Phoenix IPO prospectus.
This momentous public listing follows closely on the heels of Phoenix Group’s immensely successful IPO closure on November 18th, where it garnered a staggering 33 times oversubscription.
During this process, the company managed to sell a substantial 907,323,529 shares, amassing a remarkable sum of around 1.3 billion dirhams ($371 million).
It is worth noting that the retail investors’ portion of the IPO witnessed a jaw-dropping oversubscription of 180 times, while professional investors oversubscribed the offering 22 times.
The primary purpose behind this IPO was to secure funds that would propel Phoenix Group’s future growth and deliver lucrative returns to its investors.
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CEO Bijan Alizadeh delineated the company’s ambitions, which revolve around four core pillars: spearheading innovation in Bitcoin mining, venturing into renewable energy projects, enhancing advanced manufacturing capabilities, and executing strategic acquisitions.
Phoenix Group, founded in 2015 by Alizadeh and Munaf Ali, has emerged as a significant player in the Middle East’s blockchain landscape, actively collaborating with regional authorities.
A significant milestone in this journey was the August 2023 agreement, where Phoenix signed a pact to construct a $300 million cryptocurrency mining farm in Oman, with the presence of Omani Minister of Transport Saeed Al Maawali and the chairman of the Abu Dhabi Stock Exchange, Hisham Malak.
One of Phoenix’s standout attributes is its unwavering commitment to sustainability in cryptocurrency mining, with a strong emphasis on utilizing renewable energy sources.
As of September 2023, approximately 95% of the company’s power is sourced from renewables, predominantly hydropower.
Further underscoring Phoenix Group’s significance, in October 2023, the Abu Dhabi conglomerate International Holding Company acquired a substantial 10% stake in the firm through its subsidiary, International Tech Group.
This strategic move highlights the growing interest and confidence in the cryptocurrency mining sector within the Middle East region and beyond.
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