CompaniesCryptoMiningEditor Choice

Phoenix Group’s PHX Shares Surge 44% in ADX Debut, Marking a Historic Milestone

In a groundbreaking debut on December 5, Phoenix Group PLC, a prominent player in cryptocurrency mining, technology, and blockchain, witnessed a remarkable 44% surge in its share price upon listing on the Abu Dhabi Exchange (ADX) under the trading symbol PHX.

The listing, initially scheduled for December 4, was rescheduled to December 5 due to a national vacation in the UAE.

Phoenix Group’s journey to the ADX has been an unequivocal success, culminating in an initial public offering (IPO) that surpassed all expectations. The IPO, featuring 907,323,529 shares, closed with an astounding 33 times oversubscription, highlighting an unparalleled level of interest in the company’s future.

Headquartered in Abu Dhabi and established in 2017, Phoenix Group is a dynamic technology conglomerate specializing in providing cutting-edge blockchain and crypto solutions. The group offers a comprehensive suite of services, including high-performance computing, crypto and cloud mining, data center hosting, cooling solutions, crypto trading, crypto mining products, equipment, and Web3 game publishing and distribution.

Phoenix Group also serves as the exclusive distributor for MicroBT, a leading mining equipment provider, in the GCC, Egypt, Turkey, and Kenya.

Boasting a total installed capacity of 725 MW, Phoenix Group develops, operates, and manages specialized crypto mining data centers across the UAE, Oman, the US, Canada, and CIS Countries.

The group not only hosts, operates, and maintains mining equipment in its existing crypto data centers but also facilitates investment opportunities within cloud mining.

It is worth noting that to streamline the subscription process for its recent IPO, Phoenix Group engaged the Lead Receiving Bank, First Abu Dhabi Bank PJSC, and the Lead Manager, International Securities LLC, significantly enhancing the efficiency of the offering.

This successful listing on the ADX positions Phoenix Group as a frontrunner in the industry. The immediate 44% increase in share value sets the stage for an exciting phase of expansion and innovation. The company expresses gratitude to its investors, partners, and dedicated team for their unwavering support, marking a significant milestone as Phoenix Group embarks on this new chapter with anticipation for unparalleled growth and technological advancement.

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