On its first day of trading, shares of Phoenix Group, a mining and colocation company based in Abu Dhabi, UAE, opened at 2.25 AED. The IPO had a price of 1.5 AED according to Bloomberg.
In November, the company’s securities had an oversubscription rate of 33 times, with retail demand surpassing supply by 180 times.
Phoenix Group raised 1.36 billion AED ($371 million) from investors by placing 17.64% of its shares.
The company has facilities in the USA, Canada, Europe and the Middle East, and also sells mining equipment and hardware wallets to retail users.
Additionally, it operates the Abu Dhabi-regulated crypto investment platform M2. In August, the FSRA granted M2 permission to provide virtual asset-related services.
