Claim $500Phoenix Group Soars 50% Post $371M Abu Dhabi IPO Debut
Abu Dhabi witnessed a remarkable event in its financial market on December 5, as Phoenix Group, a leading name in cryptocurrency mining, commenced trading on the Abu Dhabi Securities Exchange (ADX). Marking one of the first instances a company from this sector has gone public in the Middle East, Phoenix Group’s entry into the stock market has been nothing short of stellar.
From IPO to Market Triumph
The journey began with an initial public offering price of 1.50 dirhams ($0.41), as detailed in the company’s IPO prospectus. However, the market’s response was swift and significant. The stock opened at 2.25 dirhams ($0.6), a jump of 50% from its IPO value. This surge is a testament to the high investor confidence in Phoenix Group, underscored by the IPO’s impressive oversubscription rates – 180 times by retail investors and 22 times by professional investors, culminating in the sale of 907,323,529 shares for approximately 1.3 billion dirhams ($371 million).
Phoenix Group’s Growth and Sustainability Focus
Phoenix Group’s co-founder and CEO, Bijan Alizadeh, has articulated a clear vision for the company, resting on four foundational pillars: innovation in Bitcoin mining, investment in renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions.
Notably, sustainability is a crucial focus for Phoenix, with around 95% of its energy derived from renewable sources, mainly hydropower. This commitment was further reinforced by a significant agreement in August 2023 to establish a $300 million crypto-mining farm in Oman.
Moreover, the company’s maneuvers include partnerships, like the one with the International Holding Company, which acquired a 10% stake in Phoenix Group. This collaboration highlights Phoenix’s growing influence in the region and beyond. In addition, the success of Phoenix Group’s IPO coincides with a broader surge in the crypto market.
Read Also: OpenSea & Coinbase NFT Address Thirdweb’s Security Alert With Collaborative Response
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin Could Rally to $170,000 in 2026 If This Happens: CryptoQuant
- Lighter Team Under Fire After Alleged $7.18M LIT Token Dump Post-Airdrop
- Binance Market Maker Hack: Trader Rakes in $1M via Failed BROCCOLI Price Manipulation
- Breaking: UK Begins New Initiative to Crack Down on Crypto Tax Evasion
- Mark Cuban and Dallas Mavericks Clear Hurdle as Judge Dismisses Crypto Lawsuit
- Shiba Inu Price Eyes a 45% Rebound as Burn Rate Spikes 10,700%
- Expert Predicts Ethereum Price Rebound to $4k as BitMine, Long-Term Holders Buy
- Bitcoin Price Prediction Ahead of FOMC Minutes
- U.S. Government Shutdown Looms: These 3 Crypto Predictions Could Explode
- Grayscale Files for First U.S. Bittensor ETF: Will TAO Price Rally to $300 in January?
- Shiba Inu Price Prediction: Will SHIB Show Golden Cross Signal in 2026?
