Bitcoin miner Phoenix surges 50 percent after $371 mn ADX IPO

IPO oversubscribed by 33 times
Bitcoin miner Phoenix surges 50 percent after $371 mn ADX IPO
Phoenix IPO garnered immense market confidence

Abu Dhabi Securities Exchange (ADX) celebrated the inclusion of Phoenix Group, a global powerhouse in cryptocurrency mining and blockchain technology, on its list of listed companies.

Phoenix Group’s highly anticipated initial public offering (IPO) garnered immense market confidence, resulting in a oversubscription of 33 times and a total fundraising of AED1.3 billion ($370 million). The offering attracted substantial interest from both retail and professional investors, with retail investors oversubscribing by a staggering 180 times and professional investors contributing to a remarkable oversubscription of 22-fold.

Read more: Wio Bank enables instant IPO subscriptions with ADX agreement

Abdulla Salem Alnuaimi, chief executive officer of ADX, expressed his enthusiasm regarding the addition of Phoenix Group to their exchange. He highlighted that the listing not only enhances the range of products available on the market but also reflects the increasing interest in digital economy and financial technology investments in Abu Dhabi and the UAE.

Alnuaimi further emphasized ADX’s pride in being the preferred exchange market for technology-driven issuers and investors. Moreover, he reiterated their dedication to connecting opportunities and delivering a top-notch exchange market experience for all stakeholders.

Significant milestone

The inclusion of Phoenix Group on ADX marks a significant milestone for the exchange, as it becomes the first privately owned cryptocurrency and blockchain entity to be listed on a stock market in the Middle East.

Bijan Alizadehfard, co-founder and Group CEO of Phoenix Group PLC, expressed the importance of the ADX listing, considering it a landmark achievement for diversified technology and innovation. In addition, he highlighted that their IPO represents a significant step forward for Abu Dhabi as a hub of digital transformation across various sectors. Also, by combining advanced blockchain applications, strategic technology partnerships, and leading digital asset services, Phoenix Group takes pride in contributing to Abu Dhabi’s Economic Vision 2030.

Multifaceted technological expertise

Munaf Ali, co-founder and Group managing director of Phoenix Group PLC, stated that the ADX listing demonstrates their multifaceted technological expertise. From pioneering advancements in blockchain to shaping the landscape of digital finance, their presence on the exchange reflects their commitment to cross-industry technological innovation, said Ali. 

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