Cryptocurrency Mining Firm Phoenix Group Lists on Abu Dhabi Securities Exchange
Cryptocurrency mining firm Phoenix Group has made its debut on the Abu Dhabi Securities Exchange (ADX), becoming one of the first publicly listed industry firms in the Middle East. The stock, known as PHX, opened at 2.25 dirhams (AED) or $0.6 on December 5th, marking a 50% increase from the initial public offering (IPO) price of 1.50 AED or $0.41.
The IPO, which closed on November 18th, saw Phoenix Group sell 907,323,529 shares for around 1.3 billion AED or $371 million, with oversubscriptions reaching 33 times. Retail investors oversubscribed by 180 times, while professional investors oversubscribed by 22 times.
Phoenix Group plans to use the proceeds from the IPO to fuel its future growth and generate positive returns for investors. The company, founded in 2015 by Bijan Alizadeh and Munaf Ali, is a significant player in the Middle East blockchain industry and has collaborated with major authorities in the region.
A Vision for Sustainable Cryptocurrency Mining
Phoenix Group is dedicated to sustainability in cryptocurrency mining and aims to utilize renewable energy sources for its operations. In fact, 95% of the company’s power comes from renewables, primarily hydropower. The commitment to sustainability is one of the four pillars that anchor the company’s ambitions, which also include innovation in Bitcoin mining, advanced manufacturing capabilities, and strategic acquisitions.
In August 2023, Phoenix Group signed an agreement to construct a $300 million crypto-mining farm in Oman, with the presence of the Omani Minister of Transport and the chairman of the Abu Dhabi Stock Exchange. This further solidifies the company’s position in the industry.
Acquisition by International Holding Company
In October 2023, Abu Dhabi conglomerate International Holding Company acquired a 10% stake in Phoenix Group through its subsidiary, International Tech Group. This investment highlights the growing interest and support for cryptocurrency firms in the region.
The listing of Phoenix Group on the Abu Dhabi Securities Exchange is a significant milestone for the Middle East’s cryptocurrency industry. As the company continues to innovate and expand, it will play an instrumental role in shaping the region’s blockchain landscape.
