- Phoenix Group PLC has achieved a significant milestone with its initial public offering (IPO), which saw a 33 times oversubscription, surpassing all expectations.
- The company offered 907,323,529 shares and saw a 22-fold oversubscription, indicating the excitement and potential of Phoenix Group.
- The surge in interest, observed until the offer period closed on November 18, 2023, solidifies Phoenix Group’s position in the rapidly growing crypto landscape in the Middle East.
Phoenix Group PLC, a key player in cryptocurrency mining, technology, and blockchain, has hit a massive milestone: their initial public offering (IPO) was a smash hit, setting the stage for an upcoming listing on the Abu Dhabi Securities Exchange (ADX).
Investor confidence soared as Phoenix Group PLC wrapped up its IPO with astounding success. The company offered 907,323,529 shares and saw a staggering 33 times oversubscription, surpassing all expectations. This overwhelming demand, especially from retail investors (oversubscribed by 180 times) and professional investors (contributing to a 22-fold oversubscription), speaks volumes about the excitement and potential surrounding Phoenix Group.
This surge in interest, observed until the offer period closed on November 18, 2023, firmly establishes Phoenix Group within the rapidly growing crypto landscape in the Middle East.
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Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, couldn’t contain his excitement: “The immense interest we saw during the offer period is a strong endorsement of our pioneering work in Cryptocurrency Mining and Blockchain. The oversubscription reflects the confidence investors have in our vision and the potential they see in Phoenix Group.”
Munaf Ali, Co-Founder & Group MD, echoed this sentiment, highlighting the market’s validation of Phoenix Group’s leadership in these groundbreaking sectors. “The exceptional oversubscription during our offer period shows the market’s trust in Phoenix Group as a leader in Cryptocurrency Mining and Blockchain Technology,” he emphasized. “As we gear up for our listing on ADX on December 4, 2023, with the trading symbol PHX, we’re more committed than ever to advancing our mining capabilities and pushing tech innovations forward.”
The close of the offer period marks the countdown to Phoenix Group’s listing on the ADX on December 4, 2023, under the trading symbol PHX. This significant move not only cements the company’s position as a frontrunner but also heralds an exciting phase of growth and innovation.
Phoenix Group PLC extends its gratitude to investors, partners, and its dedicated team for their unwavering support, pivotal in achieving this milestone. Poised for their public listing, the company eagerly looks forward to the journey ahead, anticipating unparalleled growth and technological strides.
To simplify the subscription process for potential participants, Phoenix Group has enlisted First Abu Dhabi Bank PJSC as the Lead Receiving Bank and International Securities LLC as the Lead Manager, overseeing and managing the offering.