Crypto mining hardware manufacturer Phoenix Group has soared over 50% on its debut on the Abu Dhabi Securities Exchange (ADX) after the huge success of its $371 million IPO.
According to a Bloomberg article, the shares of Phoenix Group Plc opened at 2.25 dirhams on December 5, up 50% from their initial offering price of 1.50 dirhams. The initial offering of Phoenix was the first crypto-related IPO in the Middle East, and it was recorded as 33 times oversubscribed.
The trading response on the first day was so huge that it even exceeded the expectations of most optimistic analysts. It had a total order volume of $12 billion with an oversubscription value of 180x for the retail segment.
Phoenix Group is the first ever company to be listed on any Middle East stock exchange as a native crypto company. Its IPO was closed on November 18, and the company re-scheduled the listing date to December 5 following the UAE’s public holidays.
“This event is not just about listing our shares; it’s a powerful declaration of the Middle East’s rising prominence in the global tech and blockchain landscape,” said Munaf Ali, the co-founder and MD at Phoenix Group.
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