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In the rising crypto markets, crypto companies continue to take noteworthy steps. Accordingly, the crypto mining company Phoenix Group announced it is preparing for a public trade launch after seeing significant excess demand during the pre-market sale on November 21st.
Final Decision on Share Listing
Phoenix’s planned public offering process has been postponed due to the firm’s revision of the initial public offering (IPO) launch date on the Abu Dhabi Securities Exchange (ADX). According to an announcement made to the public by the crypto mining company on November 28th, the listing of shares on the stock exchange is planned for December 5th, 2023, instead of December 4th, 2023, due to the official holidays announced for the United Arab Emirates National Day.
In the country, the UAE National Day celebrated on December 2nd includes activities commemorating the founding of the nation. The Ministry of Human Resources and Emiratization has planned December 2nd, 3rd, and 4th as official holidays for the private sector. The announcement stated:
“To honor this occasion and to ensure comprehensive participation in the public offering, Phoenix Group has rescheduled the listing date to December 5th, 2023.”
Public Offering Demand Attracts Attention
Phoenix Group, as previously announced to the public, completed its public offering on November 18th with a demand 33 times higher, successfully attracting attention to the offer of 907,323,529 shares. Phoenix reported that individual investors demanded the offering 180 times more, and professional investors made bids 22 times higher.
Phoenix is known as a mining operator based in the UAE, developing one of the largest mining facilities in the Middle East. The company has been planning its IPO in the UAE since July 2023.
The UAE is recognized as one of the crypto-friendly regions in global circles, undertaking various initiatives to support crypto development, including multiple Web3-focused economic free zones. On November 28th, the crypto exchange M2 received regulatory approval in the country.
- Phoenix Group revises IPO launch date.
- IPO receives strong investor demand.
- UAE supports crypto with Web3 zones.
