UAE based crypto mining group, Phoenix share price soared 50% as it launched on Abu Dhabi Exchange (ADX). Its share price opened at 2.25 AED on Tuesday December 5th, up from its IPO price of 1.5 AED. This is the first crypto IPO and listing in the MENA region.
The IPO raised $371 million and was oversubscribed 33 times with retail investors leading with over subscription of 180 times.
International Holding Co, Abu Dhabi’s largest conglomerate controlled by a key member of the emirate’s royal family, bought a 10% stake in Phoenix in early October.
Phoenix is also closely affiliated with the recently launched M2 regulated crypto exchange out of Abu Dhabi.
In August 2023 Oman’s Green Data City and Abu Dhabi’s Phoenix Group signed an agreement to develop a 150MW crypto-mining farm in Oman. The new farm will be set up in Green Data City was noted that it will be operational by Q2 2024, becoming one of the largest crypto-mining data centers in the region.
Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: “The listing of Phoenix Group on our exchange not only adds to the diversity of products on our market but also signals the growing interest in the digital economy and financial technology investments in Abu Dhabi and the UAE”.
“We are proud to continue to be the exchange market of choice for tech-driven issuers and investors, as we remain committed to our mission of connecting opportunity and providing a world-class exchange market experience for all our stakeholders,” he added.
Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, stated: “Phoenix Group’s ADX listing is a milestone for diversified technology and innovation. Our IPO symbolises a leap forward for Abu Dhabi as a nexus of digital transformation across various sectors. By blending advanced blockchain applications, strategic tech partnerships, and market-leading digital asset services, we’re proud to be part of Abu Dhabi’s Economic Vision 2030.”
Munaf Ali, Co-Founder & Group MD of Phoenix Group PLC stated: “The ADX listing of Phoenix Group is a testament to our multifaceted technological prowess. From spearheading blockchain advancements to shaping the landscape of digital finance, our presence on the exchange is a narrative of cross-industry tech innovation. As a preferred partner for government-led tech initiatives, we’re championing a future where the Abu Dhabi stands as a global beacon for sustainable and comprehensive digital economy growth.”
This article updated November 6th 2023