Cryptocurrency mining company Phoenix Group is preparing for its public trading after its pre-market sale on November 21 was heavily oversubscribed.
The launch of Phoenix’s public trading will be delayed as the company revise the date of its upcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
according to a announcement On November 28, the cryptocurrency mining company is expected to list on December 5 instead of December 4, 2023 due to a public holiday declared for the National Day of the United Arab Emirates.
December 2 is UAE National Day, which commemorates the founding of the UAE. The Ministry of Human Resources and Emiratisation has designated December 2, 3 and 4 as public holidays in the private sector.
“To commemorate this occasion and ensure full participation in the IPO, Phoenix Group has rescheduled the listing date to December 5, 2023,” the announcement said.
as before declarePhoenix Group successfully completed its IPO on November 18 with 33 times oversubscription, reporting “overwhelming demand” for the 907,323,529 shares it issued. Phoenix said retail investors were oversubscribed 180 times, while professional investors were oversubscribed 22 times.
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 launching an IPO in the UAE since at least July 2023.
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The UAE has become one of the most crypto-friendly jurisdictions in the world, launching various initiatives including multiple Web3-focused economic free zones to support the development of cryptocurrencies.
November 28, Cryptocurrency Exchange M2 gets regulatory approval. It has partnered with Abu Dhabi Commercial Bank to enable retail and institutional customers in the UAE to buy, sell and store cryptocurrencies such as Bitcoin (BTC).
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