Abu Dhabi witnessed a remarkable event in its financial market on December 5, as Phoenix Group, a leading name in cryptocurrency mining, commenced trading on the Abu Dhabi Securities Exchange (ADX). Marking one of the first instances a company from this sector has gone public in the Middle East, Phoenix Group’s entry into the stock market has been nothing short of stellar.
From IPO to Market Triumph
The journey began with an initial public offering price of 1.50 dirhams ($0.41), as detailed in the company’s IPO prospectus. However, the market’s response was swift and significant. The stock opened at 2.25 dirhams ($0.6), a jump of 50% from its IPO value. This surge is a testament to the high investor confidence in Phoenix Group, underscored by the IPO’s impressive oversubscription rates – 180 times by retail investors and 22 times by professional investors, culminating in the sale of 907,323,529 shares for approximately 1.3 billion dirhams ($371 million).
Phoenix Group’s Gro
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