Phoenix Group Delays IPO to December 5 Amid Strong Demand in Crypto-Centric UAE
Summary:
Phoenix Group, a UAE-based crypto mining company, has postponed its IPO on the Abu Dhabi Securities Exchange to December 5, 2023, due to public holidays related to the UAE National Day. The company has experienced strong demand for the IPO, with a 33-fold oversubscription. The UAE has positioned itself as a key player in the global crypto market with initiatives supporting cryptocurrency development and firms.
Phoenix Group, a cryptocurrency mining company, is gearing up for its initial public offering (IPO) following its highly successful pre-market sale on November 21. The IPO, initially scheduled for the Abu Dhabi Securities Exchange (ADX), has been postponed due to an adjustment in the calendar. The announcement made on November 28 reveals that the company's shares will be listed on December 5 instead of December 4, 2023, attributed to public holidays for the United Arab Emirates (UAE) National Day. This holiday, observed on December 2, marks the establishment of the UAE. December 2, 3, and 4 are officially recognized as public holidays for the private sector by the UAE's Ministry of Human Resources and Emiratization.
In acknowledgment of the commemorative event and to facilitate broader participation in the IPO, Phoenix Group moved its listing date to December 5, 2023, as stated in the announcement. Phoenix Group had earlier reported an IPO closure with a 33-fold oversubscription on November 18, with overwhelming demand for its 907,323,529 shares offer. The group reported retail investors oversubscribing the offer 180 times, while professional investors oversubscribed by 22 times.
Phoenix Group, based in the UAE, is creating one of the largest mining operations in the Middle East. Plans for the IPO have been in the works since July 2023, according to sources. The UAE has emerged as a prominent player in the crypto-friendly global scene, launching several initiatives such as free economic zones to boost cryptocurrency development.
Additionally, on November 28, M2, a cryptocurrency exchange, received regulatory approval. The exchange partnered with Abu Dhabi Commercial Bank, enabling retail and institutional clients in the UAE to purchase, sell and store cryptocurrencies, including Bitcoin (BTC).
Published At
11/28/2023 2:19:22 PM
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