Cryptocurrency mining company Phoenix Group has started trading on the Abu Dhabi Stock Exchange (ADX), becoming one of the first listed industry companies in the Middle East.
Phoenix Group Stock (PHX) It was opened As of December 5, it was 2.25 dirhams (AED), or $0.6, according to data from the ADX exchange. PHX stock soared 50% from its initial public offering (IPO) price of AED 1.50 ($0.41), according to the Phoenix IPO. prospectus.
The listing follows Phoenix Group’s successful completion of its IPO on November 18, when it sold 907,323,529 shares for approximately Dh1.3 billion ($371 million), with a 33x oversubscription. It took place a few weeks after. His IPO portion for retail investors received his 180 subscriptions, while professional investors exceeded his 22 subscriptions.
The Phoenix crypto miner aims to use the IPO proceeds to fund future growth and generate positive returns for investors. according to According to Phoenix Group co-founder and CEO Bijan Alizadeh, the company’s ambitions include “innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions.” It is said to be supported by two pillars.
Founded in 2015 by Alizadeh and Munaf Ali, Phoenix is a leading player in the blockchain industry in the Middle East, working with key authorities in the region. August 2023, Phoenix signed An agreement to build a $300 million cryptocurrency mining farm in Oman was signed in the presence of Oman’s Minister of Transport Saeed Al Marwari and Abu Dhabi Stock Exchange Chairman Hisham Malak.
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One of the main aspects of Phoenix’s vision is its commitment to the sustainability of crypto mining, or the use of renewable resources for crypto mining.95% of Phoenix’s electricity comes from renewable energy, primarily hydropower, Alizadeh Said In September 2023.
In October 2023, Abu Dhabi conglomerate International Holding Company, through its subsidiary International Tech Group, acquired a 10% stake in cryptocurrency company Phoenix Group.
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