Multinational crypto mining and blockchain juggernaut, Phoenix Group, has achieved a noteworthy milestone in its initial public offering (IPO) fundraising. As indicated in an official statement, the mining giant successfully concluded its IPO fundraising round with a striking oversubscription of 33 times, underscoring robust interest in its global mining ventures. Delving deeper, Phoenix Group PLC reported that its 907,323,529 shares offering experienced an even more astonishing oversubscription of 180 times from retail investors.
Professional and institutional investors closely followed suit, contributing to a 22-fold oversubscription. This emphasizes the blockchain company's strong standing in the burgeoning Web3 ecosystem. Priced at 1.50 dirhams per share, the share offering aimed to raise 1.36 billion dirhams (approximately $368 million). Investors who participated in the IPO fundraising round will collectively hold a 17.64% stake in the company's share capital.
Phoenix Group's rapid IPO from November 16 to 18 signals growing interest in blockchain enterprises amid a crypto market resurgence. Bitcoin and Ethereum's positive momentum attracts traditional financial institutions exploring ETF options. PHX is set to list on the Abu Dhabi Securities Exchange (ADX) on December 4, 2023, reflecting a shift in crypto growth to the Middle East, particularly Dubai, with regulatory support from VARA. Co-founder Bijan Alizadehfard sees the swift IPO closure as a testament to strong regional support for blockchain and crypto mining.
