Phoenix Group, a company offering Bitcoin mining and colocation services from Abu Dhabi, has reached a major accomplishment by raising $370 million in its recent initial public offering (IPO).
In an announcement made on Tuesday, November 21, the company shared that the IPO received a remarkable response, with a demand exceeding the available shares by 33 times. Particularly noteworthy was the strong interest from individual investors, leading to an exceptional oversubscription rate of 180 times.
The Abu Dhabi Securities Exchange (ADX) initiated the IPO process for Phoenix Group on November 16, concluding on November 18. Trading for Phoenix Group is set to commence on December 4, with shares listed under the symbol PHX.
In the IPO, the company made available 907 million shares, accounting for 17.64% of its ownership, aiming to raise 1.3 billion UAE Dirhams, equivalent to around $370 million. It is involved in diverse business sectors, operating hosting and mining activities across the U.S., Canada, Europe, and the Middle East.
In addition to its main services, the company sells mining equipment and hardware wallets directly to individual customers. Moreover, Phoenix Group oversees the M2 crypto investment platform, which is regulated in Abu Dhabi.
The initial public offering (IPO) document provides insights into Phoenix Group’s financial performance. For the first nine months of the current year, the company disclosed a gross profit of $76 million, generated from a revenue of $229 million.
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