Phoenix Group’s Share Listing Takes a Detour in Bitcoin Mining Race

Phoenix Group Delays IPO Due to UAE National Day

Phoenix Group Delays IPO Due to UAE National Day

Cryptocurrency mining firm Phoenix Group is preparing for its public trading launch after seeing a significant oversubscription during the pre-market sale on Nov. 21.

Phoenix’s public trading launch will be delayed as the firm has revised the date for its forthcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

According to an announcement on Nov. 28, the crypto mining firm expects to list its shares on Dec. 5 instead of Dec. 4, 2023, due to public holidays declared for the United Arab Emirates National Day.

Celebrated on Dec. 2, the UAE National Day commemorates the formation of the UAE. The Ministry of Human Resources and Emiratization marks Dec. 2, 3 and 4 as public holidays for the private sector.

“To honor this occasion and ensure comprehensive participation in the IPO, Phoenix Group has rescheduled its listing date to December 5th, 2023,” the announcement states.

As previously announced, Phoenix Group successfully closed its IPO with an oversubscription of 33 times on Nov. 18, reporting that its offer of 907,323,529 shares saw “overwhelming demand.” Phoenix said retail investors oversubscribed the offering 180 times, while professional investors contributed to a 22-fold oversubscription.

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

The UAE has emerged as one of the most crypto-friendly jurisdictions in the world, launching various initiatives, including multiple Web3-focused economic free zones to support crypto development.

On Nov. 28, the crypto exchange M2 received a regulatory approval. It partnered with Abu Dhabi Commercial Bank to enable retail and institutional clients in the UAE to buy, sell and store cryptocurrencies like Bitcoin (BTC).

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