Bitcoin miner Phoenix Group’s $370m IPO overwhelms with massive subscription rate
Phoenix Group, a major bitcoin mining service provider based in Abu Dhabi, recently announced the successful completion of its Initial Public Offering (IPO), securing a substantial $370 million in capital. In a statement released this week, Phoenix Group revealed the IPO, initiated on the Abu Dhabi Securities Exchange (ADX), witnessed an overwhelming response, with subscriptions exceeding the initial offering price 33 times over. Notably, the enthusiasm among retail investors was particularly striking, with subscriptions surpassing expectations by 180 times. You might also like: WSJ: Changpeng Zhao to step down, plead guilty as part of Binance-DoJ settlemen Phoenix Group IPO details The public offering, which commenced on Nov. 16 and concluded on Nov. 18, involved the sale of 907 million shares. This represented 17.64% of the company’s stakes, with the aim of raising 1.3 billion UAE dirhams, approximately $370 million. The shares are scheduled to start trading ...