Phoenix Group Becomes One of the First Publicly Listed Industry Firms in the Middle East
Cryptocurrency mining firm Phoenix Group has made its trading debut on the Abu Dhabi Securities Exchange (ADX), becoming one of the first publicly listed industry firms in the Middle East. The company's stock, PHX, opened at 2.25 dirhams (AED) or $0.6 on December 5th, according to data from the ADX exchange. Since its initial public offering (IPO) at 1.50 AED or $0.41, the PHX stock has surged by as much as 50%, as stated in the Phoenix IPO prospectus.
Oversubscribed IPO Paves the Way for Public Listing
Phoenix Group closed its IPO with remarkable success a few weeks ago. The IPO had an oversubscription of 33 times, with the company selling 907,323,529 shares for approximately 1.3 billion AED or $371 million. The portion of the IPO reserved for retail investors was oversubscribed 180 times, while professional investors oversubscribed the offering 22 times.
Using IPO Proceeds to Drive Future Growth and Investor Returns
The cryptocurrency mining company plans to use the funds generated from the IPO to fuel its future growth and provide positive returns for its investors. The company's co-founder and CEO, Bijan Alizadeh, highlighted that Phoenix Group's ambitions are based on four pillars: innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions.
Leading the Middle East Blockchain Industry
Founded in 2015 by Bijan Alizadeh and Munaf Ali, Phoenix Group is a prominent player in the Middle East blockchain industry. The company has collaborated with major authorities in the region and has made significant strides in the sector. In August 2023, Phoenix signed an agreement to construct a $300 million crypto-mining farm in Oman, with the presence of Omani Minister of Transport Saeed Al Maawali and the chairman of the Abu Dhabi Stock Exchange, Hisham Malak.
Commitment to Sustainability in Cryptocurrency Mining
Phoenix Group is committed to sustainable cryptocurrency mining practices, with a focus on utilizing renewable energy sources. According to Alizadeh, 95% of the company's power comes from renewables, primarily hydropower. This commitment aligns with the company's vision for a greener and more environmentally friendly approach to cryptocurrency mining.
Strategic Investment from Abu Dhabi Conglomerate
In October 2023, the Abu Dhabi conglomerate International Holding Company acquired a 10% stake in Phoenix Group through its subsidiary International Tech Group. This strategic investment further solidifies Phoenix's position in the industry and provides additional support for its future endeavors.
