Crypto Mining Firm Phoenix Shares Surges 50% on Abu Dhabi Debut

Phoenix Group Plc, an Abu Dhabi-based Bitcoin mining and colocation service supplier, has reported a big 50% surge in shares.

The corporate introduced Sunday, its preliminary public providing (IPO) on the Abu Dhabi Securities Change (ADX), slated for December fifth. The occasion marked the primary public itemizing of a crypto mining and blockchain know-how firm within the Center East.

The IPO raised 1.36 billion dirhams ($371 million), indicating a rising urge for food for monetary improvements within the area. Phoenix opted for ADX trade, given its “dynamic and quickly rising monetary market that aligns with Phoenix’s imaginative and prescient,” the corporate stated.

Per a Bloomberg report, Phoenix had its preliminary itemizing on the trade on Tuesday with shares priced at 2.25 dirhams. The buying and selling on the primary day exceeded expectations, hovering 50% from the IPO worth of 1.50 dirhams.

Additional, the IPO supply was 33 occasions oversubscribed, stated the report, including that for the retail portion of the providing, the oversubscription price was 180 occasions.

“We’re embarking on a journey that guarantees to reinforce our technological footprint, pushed by our dedication to digital finance and tech innovation,” stated Munaf Ali, co-founder of Phoenix Group.

“This can be a pivotal second for us to propel Phoenix Group into a brand new period of development and world influence.”

Abu Dhabi’s newest IPO file proves that investor urge for food is unwavering. The underlying urge for food for Center East listings comes at a time when regional geopolitical tensions are excessive and as buyers worry excessive rates of interest and volatility. Additionally, it stands in distinction to the subdued urge for food for IPOs in areas like London and Hong Kong.