Cryptocurrency mining firm Phoenix Group is preparing for its public trading launch after seeing significant oversubscription during a pre-market sale on November 21.
Phoenix’s public trading launch will be delayed as the company has revised the date of its upcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
according to a Announcement Due to the public holidays declared for UAE National Day on November 28, the crypto mining firm is expected to list its shares on December 5 instead of December 4, 2023.
UAE National Day, celebrated on 2 December, commemorates the formation of the UAE. The Ministry of Human Resources and Emiratisation marks 2, 3 and 4 December as public holidays for the private sector.
“To honor this occasion and ensure broad participation in the IPO, Phoenix Group has rescheduled its listing date to December 5, 2023,” the announcement said.
as before announcedPhoenix Group successfully closed its IPO on November 18 with 33 times oversubscription, reporting that its offering of 907,323,529 shares saw “overwhelming demand”. Phoenix said retail investors oversubscribed the offering by 180 times, while professional investors contributed 22 times oversubscription.
Phoenix is a UAE-based mining operator that is developing one of the largest mining facilities in the Middle East. The company is reportedly discussing an IPO launch in the UAE from at least July 2023.
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The UAE has emerged as one of the most crypto-friendly jurisdictions in the world, launching various initiatives including Multiple Web3-centric economic free zones To support crypto development.
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