Phoenix Group Reschedules IPO Following Significant Oversubscription Amid UAE Public Holidays
Summary:
Phoenix Group, a UAE-based cryptocurrency mining firm, has pushed back its initial public offering (IPO) on the Abu Dhabi Securities Exchange to December 5, 2023, due to public holidays. The reschedule follows a significantly oversubscribed pre-market sale in November. The company, which is developing one of the Middle East's largest mining facilities, had seen overwhelming demand in its IPO, with a 33-fold oversubscription.
Phoenix Group, a company involved in cryptocurrency mining, is gearing up for its debut in public markets, following a significantly oversubscribed pre-market sale on November 21. The company has had to reschedule its initial public offering (IPO) on the Abu Dhabi Securities Exchange due to a change in the UAE public holidays. In a statement released on November 28, the company has indicated that it now aims to have its shares listed on December 5, 2023, rather than December 4, as originally planned. The scheduling change is due to the public holidays in the UAE marking the nation's National Day on December 2, which also includes the following two days. To respect this event and allow for wider participation in the IPO, Phoenix Group has moved its listing date to December 5, 2023, according to the announcement. Phoenix Group closed its IPO with an oversubscription of 33 times, with retail investors oversubscribing the offering 180 times and institutional investors contributing to a 22-fold oversubscription, indicating strong demand for the 907,323,529 shares on offer. Phoenix Group, a UAE-based company, is developing one of the largest mining facilities in the Middle East and has been in discussions regarding the IPO launch in the UAE since July 2023, at least. The UAE has positioned itself as a global leader in the crypto space, driving numerous initiatives, including the establishment of several economic free zones focused on Web3 to boost cryptocurrency development. Experts offer advice on safeguarding your cryptocurrency in a fluctuating market.
Published At
11/29/2023 7:22:02 AM
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