Phoenix Group, a company based in Abu Dhabi, UAE, that offers mining and colocation services, recently announced that its shares had been oversubscribed by 33 times in its initial public offering worth $370 million.
Demand from retail investors was 180 times higher than the available supply.
The IPO took place from November 16 to 18 at the Abu Dhabi Stock Exchange, and trading under the ticker symbol PHX is expected to begin on December 4.
Phoenix Group sold 17.64% of its shares, resulting in a total investment of 1.3 billion AED ($370 million). The company manages facilities in the USA, Canada, Europe, and the Middle East.
In addition to mining and colocation services, Phoenix Group also sells miners and hardware wallets for retail use. It also operates M2, a crypto investment platform licensed by the Abu Dhabi Financial Services Regulatory Authority (FSRA).
