Shares of miner Phoenix Group rose 50% on the first day of trading
Shares of Abu Dhabi (UAE)-based mining firm and colocation service provider Phoenix Group opened at AED2.25 on its first trading day. The IPO was held at a price of 1.5 AED, writes Bloomberg.
In November, the excitement led to a 33-fold oversubscription of the company's securities during the closing of the order book. Demand from retail users exceeded supply by 180 times.
Phoenix Group placed 17.64% of shares, receiving 1.36 billion AED ($371 million) from investors.
The company controls facilities in the USA, Canada, Europe and the Middle East.
Phoenix Group also sells miners and retail-oriented hardware wallets, and operates the Abu Dhabi-regulated crypto investment platform M2.
As a reminder, in August the FSRA granted M2 permission to provide virtual asset-related services.
In July, Luxor experts estimated the UAE’s share of the global Bitcoin hashrate at 3.7%, calling the state the fastest growing mining center in the Middle East.
