Bitcoin mining firm Phoenix Group delays share listing

Overview

Cryptocurrency mining firm Phoenix Group has announced a delay in its public trading launch after experiencing significant oversubscription during the pre-market sale. The firm has revised the date for its upcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

New Listing Date

Phoenix Group expects to list its shares on December 5, 2023, instead of the previously planned date of December 4, 2023. The change is due to public holidays declared for the United Arab Emirates National Day, which is celebrated on December 2. The Ministry of Human Resources and Emiratization has designated December 2, 3, and 4 as public holidays for the private sector.

Reason for Rescheduling

In order to ensure comprehensive participation in the IPO and honor the occasion of the UAE National Day, Phoenix Group has decided to reschedule its listing date to December 5, 2023, according to the announcement.

Oversubscription

Phoenix Group's IPO saw a significant oversubscription, with the offer of 907,323,529 shares receiving a 33 times oversubscription. Retail investors oversubscribed the offering 180 times, while professional investors contributed to a 22-fold oversubscription.

About Phoenix Group

Phoenix Group is a UAE-based mining operator that is developing one of the largest mining facilities in the Middle East. The company has been discussing the IPO launch in UAE since at least July 2023.

The UAE as a Crypto-Friendly Jurisdiction

The UAE has established itself as one of the most crypto-friendly jurisdictions in the world, launching various initiatives to support crypto development. This includes the creation of multiple Web3-focused economic free zones. On November 28, the crypto exchange M2 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 like Bitcoin (BTC).