According to CoinDesk, cryptocurrency miner Phoenix Group (PHX) has closed its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), with the offering being 33 times oversubscribed. The UAE-based company had offered 907,323,529 shares at 1.50 dirhams per share, aiming to raise 1.36 billion dirhams ($368 million) and giving investors a 17.64% stake in the company.
Phoenix Group provides mining services through hosting and cloud-based services, allowing clients to rent hashrate. The company also operates a crypto exchange called M2, which is powered by its native Ethereum-based token, MMX. The UAE is considered one of the most advanced jurisdictions in terms of regulatory clarity for digital assets, with both Dubai and Abu Dhabi offering clear frameworks for the treatment of different types of assets and permitted activities.
Retail investors oversubscribed 180 times, while professional investors contributed to a 22-fold oversubscription. The shares are scheduled to begin trading on December 4.