Phoenix Group’s mining firm jumps 50% on first day of trading

Shares of the Abu Dhabi-based mining firm and provider of colocation services колокации Phoenix Group opened at 2.25 AED on the first trading day. The IPO priced at 1.5 AED, writes Bloomberg.

In November, frenzy led to a 33-fold oversubscription of the company’s securities as the order book closed. Demand from retail investors outstripped supply by 180 times.

Phoenix Group placed 17.64% of its shares, raising 1.36 billion AED ($371 million) from investors.

The company operates facilities across the United States, Canada, Europe and the Middle East.

Additionally, Phoenix Group sells miners and consumer-oriented hardware wallets, and operates the Abu Dhabi crypto-investment platform M2.

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

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