Abu Dhabi’s Phoenix Group, a Bitcoin (BTC) mining service supplier, has accomplished an preliminary public providing (IPO) that offered 907 million shares, elevating roughly 1.3 billion UAE Dirhams, or $370 million, in line with a Nov. 21 assertion.
The agency stated the IPO surpassed its preliminary expectations, elevating 33 instances the projected quantity. Demand from retail traders led to the IPO being oversubscribed by 180 instances, with skilled traders subscribing 22 instances the providing.
In accordance with the agency, its IPO success mirrored its stable standing within the burgeoning Center Jap crypto financial system.
Phoenix Group’s operations span internet hosting and mining companies throughout the U.S., Canada, Europe, and the Center East. In accordance with its web site, the agency has a 725MW international mining operation that cements its place as a pacesetter within the house. Moreover, it manages an Abu Dhabi-regulated crypto funding platform, M2.
Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group PLC, stated:
“The overwhelming curiosity throughout the provide interval is a strong endorsement of our pioneering function in Cryptocurrency Mining and Blockchain.” He emphasised that this fervor signifies investor confidence within the firm’s imaginative and prescient and potential.
Phoenix stated it will start buying and selling underneath the ticker PHX on the Abu Dhabi Securities Change (ADX) by Dec. 4.
TheMinerMag first reported the information.
In the meantime, Phoenix Group’s IPO coincides with an increase in Bitcoin mining actions in anticipation of the subsequent halving. CryptoSlate reported that miners of the highest cryptocurrency have been demonstrating distinctive exercise and attaining a record-breaking hash fee.
Equally, it additionally follows the current enhance in Bitcoin miners’ income amidst a surge in transaction charges on the community.
