Abu Dhabi-based mining firm Phoenix Group raises $370 million in IPO

Abu Dhabi-based mining company and colocation services provider Phoenix Groupcolocation Phoenix Groupannounced a 33x oversubscription to its shares in an IPO of $370 million.

Retail investor demand exceeded supply by 180x.

The offering ran from 16 to 18 November on the Abu Dhabi Securities Exchange.

Trading of the shares under the PHX ticker is scheduled to begin on 4 December.

Phoenix Group placed 17.64% of its shares, raising 1.3 billion AED ($370 million) from investors.

The group controls facilities in the United States, Canada, Europe and the Middle East.

In addition, Phoenix Group sells miners and consumer-facing hardware wallets, and operates the regulated Abu Dhabi crypto-investment platform M2.

In August, FSRA issued M2 a license to provide services related to virtual assets.

In July, Luxor estimated the UAE’s 3.7% share of the global hashrate of Bitcoin, calling the country the fastest-growing mining hub in the Middle East.