🤑🚀🤑 EXCLUSIVE 🤑🚀🤑
Crypto Mining Firm Phoenix Jumps 50% on First Day of Trading After $370 Million IPO
Crypto mining and blockchain technology company Phoenix Group saw its shares soar around 50% in its debut on the Abu Dhabi Stock Exchange (ADX) today, following an initial public offering (IPO) that raised $370 million.
Phoenix (PHX) rose to 2.20 UAE dirhams ($0.60) in early trading, against an IPO price of 1.50 dirhams ($0.41), before retreating. PHX is currently priced at Dh2.02.
Phoenix's IPO marks the first public listing of a cryptocurrency-related company in the Middle East and was oversubscribed 33 times, according to the company — about $12 billion in orders.
Phoenix made 907,323,529 shares available at Dh1.50 each (a 17.6% stake in the company's share capital), with particular interest from retail investors, who subscribed 180 times more.
Professional investors subscribed 22 times more.
The company's valuation after the IPO is estimated at approximately $2.5 billion.
