Cryptocurrency mining firm Phoenix Group has experienced a high level of interest in its upcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange. Due to the UAE National Day public holidays, the listing date has been rescheduled from December 4 to December 5, 2023. The IPO closed with a significant oversubscription, with retail investors oversubscribing the offering 180 times and professional investors contributing to a 22-fold oversubscription. Phoenix Group is a UAE-based mining operator and is developing one of the largest mining facilities in the Middle East. The UAE has become known for its crypto-friendly environment and has launched various initiatives to support crypto development. M2, a crypto exchange, recently received regulatory approval and partnered with Abu Dhabi Commercial Bank to enable retail and institutional clients in the UAE to buy, sell, and store cryptocurrencies.

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Information	Details
Geography	Middle East
Countries	🇦🇪
Sentiment	positive
Relevance Score	1
People	None
Companies	Bithumb, M2, Phoenix Group, Ministry of Human Resources and Emiratization, Abu Dhabi Commercial Bank, Abu Dhabi Securities Exchange (ADX)
Currencies	None
Securities	None