Cryptocurrency mining firm Phoenix Group has made its debut on the Abu Dhabi Securities Exchange (ADX), becoming one of the first publicly listed companies in the Middle East’s cryptocurrency industry. The company’s stock, PHX, opened at 2.25 dirhams (AED) or $0.6 on December 5th. Since its initial public offering (IPO) at 1.50 AED or $0.41, the stock has surged by up to 50%. The IPO was a success, with an oversubscription of 33 times, and the company sold 907,323,529 shares for approximately 1.3 billion AED or $371 million. Retail investors oversubscribed the offering 180 times, while professional investors oversubscribed it 22 times. Phoenix Group plans to use the IPO proceeds to fuel its future growth and generate positive returns for investors. The company’s CEO, Bijan Alizadeh, outlined four key pillars that underpin their ambitions: innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions. Phoenix Group, founded in 2015, is a prominent player in the Middle East’s blockchain industry and has collaborated with major authorities in the region. The company is committed to sustainability in cryptocurrency mining, with 95% of its power coming from renewable sources, primarily hydropower. In October 2023, Abu Dhabi conglomerate International Holding Company acquired a 10% stake in Phoenix Group through its subsidiary International Tech Group.

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Information Details
Geography Middle East
Countries 🇴🇲
Sentiment very positive
Relevance Score 1
People Hisham Malak, None, Saeed Al Maawali, Bijan Alizadeh, Munaf Ali
Companies International Holding Company, Omani Minister of Transport Saeed Al Maawali, Abu Dhabi Securities Exchange (ADX), Phoenix Group, International Tech Group
Currencies Bitcoin, United Arab Emirates Dirham, US Dollar
Securities None

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