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.
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 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
The crypto market turned sharply lower on Tuesday after Federal Reserve Chair Jerome Powell said…
The U.S. Federal Reserve has announced it has lowered the interest rate by another 25…
World Liberty Financial (WLFI) has appointed Mack McCain as its new General Counsel. This marks…
Binance founder Changpeng Zhao (CZ) has publicly distanced himself from a newly launched token inspired…
Bitcoin traders are preparing for a rise or fall in the price of Bitcoin, as…
Trump tariff tensions have begun to ease as China resumed purchasing U.S. agricultural products for…