Abu Dhabi’s Phoenix Group, a Bitcoin (BTC) mining service provider, has completed an initial public offering (IPO) that sold 907 million shares, raising approximately 1.3 billion UAE Dirhams, or $370 million, according to a Nov. 21 statement.
The firm said the IPO surpassed its initial expectations, raising 33 times the projected amount. Demand from retail investors led to the IPO being oversubscribed by 180 times, with professional investors subscribing 22 times the offering.
According to the firm, its IPO success reflected its solid standing in the burgeoning Middle Eastern crypto economy.
Phoenix Group’s operations span hosting and mining services across the U.S., Canada, Europe, and the Middle East. According to its website, the firm has a 725MW global mining operation that cements its position as a leader in the space. Additionally, it manages an Abu Dhabi-regulated crypto investment platform, M2.
Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group PLC, said:
“The
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