{"id":87367,"date":"2023-11-22T13:56:20","date_gmt":"2023-11-22T11:56:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87367"},"modified":"2025-09-13T11:25:30","modified_gmt":"2025-09-13T08:25:30","slug":"abu-dhabi-based-mining-firm-phoenix-group-raises-370-million-in-ipo","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/abu-dhabi-based-mining-firm-phoenix-group-raises-370-million-in-ipo\/","title":{"rendered":"Abu Dhabi-based mining firm Phoenix Group raises $370 million in IPO"},"content":{"rendered":"<p>Abu Dhabi-based mining company and colocation services provider Phoenix Group<a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9A%D0%BE%D0%BB%D0%BE%D0%BA%D0%B0%D1%86%D0%B8%D1%8F\">colocation<\/a> Phoenix Group<a href=\"https:\/\/www.globenewswire.com\/news-release\/2023\/11\/21\/2783783\/0\/en\/Phoenix-Group-s-IPO-Sees-Unprecedented-180x-Oversubscription-from-Retail-Investors-Signifying-Strong-Market-Confidence.html\">announced<\/a> a 33x oversubscription to its shares in an <span data-descr=\"initial public offering\" class=\"old_tooltip\">IPO<\/span> of $370 million.<\/p>\n<p>Retail investor demand exceeded supply by 180x.<\/p>\n<p>The offering ran from 16 to 18 November on the Abu Dhabi Securities Exchange.<\/p>\n<p>Trading of the shares under the PHX ticker is scheduled to begin on 4 December.<\/p>\n<p>Phoenix Group placed 17.64% of its shares, raising 1.3 billion <span data-descr=\"UAE dirhams\" class=\"old_tooltip\">AED<\/span> ($370 million) from investors.<\/p>\n<p>The group controls facilities in the United States, Canada, Europe and the Middle East.<\/p>\n<p>In addition, Phoenix Group sells miners and consumer-facing hardware wallets, and operates the regulated Abu Dhabi crypto-investment platform M2.<\/p>\n<p>In August, <span data-descr=\"Financial Services Regulatory Authority of Abu Dhabi Global Market, within the Emirate's Global Markets Department (ADGM)\" class=\"old_tooltip\">FSRA<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/abu-dhabi-regulator-approves-m2-to-offer-crypto-services\">issued<\/a> M2 a license to provide services related to virtual assets.<\/p>\n<p>In July, Luxor<a href=\"https:\/\/forklog.com\/en\/news\/experts-explain-the-specifics-of-mining-in-the-uae\"> estimated the UAE&#8217;s 3.7%<\/a> share of the global <a href=\"https:\/\/forklog.com\/en\/news\/what-are-hashrate-and-mining-difficulty-in-cryptocurrencies\">hashrate<\/a> of Bitcoin, calling the country the fastest-growing mining hub in the Middle East.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abu Dhabi-based mining company and colocation services provider Phoenix Group announced a 33x oversubscription to its shares in an IPO of $370 million.<\/p>\n","protected":false},"author":1,"featured_media":87368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1211,42],"class_list":["post-87367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-stock-market","tag-uae"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87367"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87367\/revisions"}],"predecessor-version":[{"id":87369,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87367\/revisions\/87369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87368"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}