UAE’s Phoenix Group reschedules IPO to December 5, 2023, post UAE National Day, attracting strong investor interest. The IPO, originally slated for December 4, reports a 33-fold oversubscription, with 180 times from retail and 22 times from professional investors. This reflects confidence in Phoenix Group’s mining endeavors amid a growing crypto landscape. Simultaneously, M2 Exchange secures regulatory approval, enhancing the UAE’s status in the global crypto market. The country’s forward-thinking crypto regulations and Web3-focused economic zones underscore its commitment to blockchain innovation.
Abu Dhabi, November 29, 2023 – Phoenix Group, the United Arab Emirates-based cryptocurrency mining giant, has rescheduled its hotly anticipated initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) to December 5, 2023. This move accommodates the UAE National Day holidays from December 2-4, aiming to foster widespread participation in the IPO and honor the national celebration.
UAE Investors Rally: Phoenix Group’s Oversubscribed IPO Reflects Strong Confidence
The company’s IPO, initially set for December 4, has generated substantial investor interest, with an oversubscription rate of 33 times reported on November 18. The offering comprised 907,323,529 shares and witnessed remarkable enthusiasm from both retail and professional investors. Retail investors oversubscribed 180 times, while professional investors participated with a 22-fold oversubscription. This robust response underscores the confidence investors have in Phoenix Group’s business model and future prospects.
Known for developing one of the largest mining facilities in the Middle East, Phoenix Group has been on the path to its IPO since discussions began in July 2023. The move to go public reflects the growing interest in cryptocurrency and blockchain technology in the UAE.
M2 Exchange Receives Regulatory Approval In UAE
In parallel with Phoenix Group’s IPO, the crypto exchange M2 achieved a significant milestone with regulatory approval granted on November 28th. This approval, obtained in collaboration with Abu Dhabi Commercial Bank, positions M2 Exchange to provide comprehensive services to retail and institutional clients in the UAE.
These services encompass the buying, selling, and secure storage of cryptocurrencies, including Bitcoin. This development solidifies the UAE’s position as a key influencer in the global cryptocurrency market.
The UAE’s proactive approach to cryptocurrency and blockchain technology is evident in its crypto-friendly regulations and initiatives. The establishment of Web3-focused economic free zones reflects the country’s commitment to fostering the growth of the crypto industry and realizing its ambition to become a global hub for blockchain and digital currency innovation.