On the first day of #trading on the Abu Dhabi Securities Exchange (ADX), shares of cryptocurrency mining company Phoenix Group surged by about 50% following an initial public offering (IPO) that raised $370 million.

In early trading, the stock, symbol PHX, started at 2.20 United Arab Emirates dirhams ($0.60), increased to 2.25 dirhams ($0.6), and then declined With orders totaling about $12 billion, the #IPO was 33 times oversubscribed. The estimated post-IPO valuation of Phoenix Group is $2.5 billion.

The #crypto mining company's stock price increase on the ADX exchange indicates that investors are confident in the company's future and that the market is responding favourably to it.

The Phoenix Group will use the IPO proceeds to finance its continued expansion and provide investors with profitable returns. The company has also established strategic partnerships and investments. For example, in October, it signed an agreement to construct a $300 million #cryptocurrency mining farm in Oman, and Abu Dhabi's International Holding Company purchased a 10% share in Phoenix Group.