Abu Dhabi-based Bitcoin miner Phoenix Group raises $370 million in IPO
Phoenix Group, a Bitcoin (BTC) mining and colocation service provider based in Abu Dhabi, has made a significant mark by successfully raising $370 million in its recent initial public offering (IPO). The company disclosed this achievement in a statement on Tuesday, November 21, highlighting that the IPO received an overwhelming response, being oversubscribed by an impressive 33 times. Notably, the demand from retail investors stood out, with a remarkable oversubscription rate of 180 times. The IPO process, initiated on November 16 on the Abu Dhabi Securities Exchange (ADX), concluded on November 18. The company is now preparing for trading to commence on December 4, with its shares listed under the ticker symbol PHX. Phoenix Group offered 907 million shares during the IPO, representing 17.64% of its stakes, with the intention of raising 1.3 billion UAE Dirhams, equivalent to approximately $370 million . Bijan Alizadehfard, Co-Founder and CEO of Phoenix Group PLC, noted that ...