The United Arab Emirates-based cryptocurrency mining firm, Phoenix Group, has announced a revised date for its highly anticipated initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). Initially scheduled for December 4, 2023, the public trading launch will now occur on December 5, 2023. This change accommodates the UAE National Day holidays on December 2-4. The decision to delay aims to ensure broad participation in the IPO, respecting the significance of the national celebration.
Investors Flock to Phoenix Group’s IPO
Phoenix Group’s IPO concluded with remarkable success, witnessing an oversubscription rate of 33 times, as reported on November 18 . The offering comprised 907,323,529 shares and attracted substantial interest from retail and professional investors. Retail investors oversubscribed 180 times, while professional investors participated with a 22-fold oversubscription. This impressive response underscores strong investor confidence in Phoenix Group’s business model and prospects.
The company, known for developing one of the largest mining facilities in the Middle East, has been discussing launching its IPO in the UAE since July 2023. Phoenix Group’s journey to the public market reflects the increasing interest in cryptocurrency and blockchain technology in the region.
M2 Exchange Gains Regulatory Approval in UAE
The UAE’s burgeoning interest in cryptocurrency and blockchain technology is evident in its crypto-friendly regulations and initiatives. The region has established several Web3-focused economic free zones to encourage the crypto industry’s growth. These initiatives align with the country’s goal of becoming a global blockchain and digital currency innovation hub.
In a related development, the crypto exchange M2 obtained regulatory approval on November 28th. This pivotal achievement allows the exchange, in collaboration with Abu Dhabi Commercial Bank, to provide services to retail and institutional clients in the UAE. These services include the buying, selling, and storing cryptocurrencies, such as Bitcoin. This advancement reinforces the UAE’s standing as a key influencer in the worldwide cryptocurrency market.
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