- Phoenix Group’s IPO was oversubscribed by 33 times, with retail investors oversubscribing by 180 times and institutional buyers oversubscribing by 22 times
- Strong demand highlights confidence in crypto mining industry and Dubai’s leadership in crypto economy
- Phoenix Group is a leading crypto mining firm operating 725MW of global mining facilities across several countries
The multinational crypto mining company Phoenix Group has achieved a major milestone with its initial public offering (IPO). The company saw huge demand for its initial share offering, with multiple groups of investors scrambling for allocations.
Details of the Oversubscribed Offering
Phoenix Group’s 907,323,529 share offering received tremendous interest from both retail and institutional buyers. Specifically:
- Retail investors oversubscribed the offering by 180 times
- Professional and institutional buyers oversubscribed by 22 times
The share price was set at 150 dirhams each. In total, the crypto mining firm sought to raise 136 billion dirhams (around $368 million) through the IPO, which would equate to a 17.64% stake.
The shortened IPO window ran from November 16th to November 18th. This rapid timeline highlights the bullish momentum building behind both Phoenix Group and the wider crypto space.
Strong Interest in Dubai’s Crypto Economy
While crypto adoption has been slower in North America lately, the Middle East – especially Dubai – has fully embraced digital assets. The region provides clear crypto regulations and has attracted major players like Binance to set up local operations.
Phoenix Group’s co-founder and CEO Bijan Alizadehfard cited the high demand as proof of the strong confidence in both crypto mining and blockchain technology. Next, the company’s shares will list on the Abu Dhabi Securities Exchange (ADX) on December 4th, 2023.
About Phoenix Group
Founded in 2016, Phoenix Group operates 725MW of global crypto mining facilities across countries like Canada, North America, the UAE, and more. The company is a leading name in the crypto mining industry.