As the crypto markets rise, crypto companies continue to make notable moves. In this context, a crypto mining company named Phoenix Group announced it is preparing for its initial public offering (IPO) launch following significant excess demand in the pre-sale on November 21.
The planned IPO process for Phoenix has been postponed as the company revises the initial IPO start date on the Abu Dhabi Securities Exchange (ADX). According to the announcement made to the public on November 28, due to the official holidays announced for the United Arab Emirates National Day, the listing of shares on the exchange is planned for December 5, 2023, instead of December 4, 2023.
The National Day celebrated on December 2nd in the United Arab Emirates includes events commemorating the foundation of the nation. The Ministry of Human Resources and Emiratization has planned the 2nd, 3rd, and 4th of December as official holidays for the private sector. This situation was stated as follows: “On this occasion, to ensure extensive participation in the public offering, Phoenix Group has re-planned the listing date to December 5, 2023.”
Phoenix Group had previously announced that it completed its IPO on November 18 with an offer of 907,323,529 shares, receiving demand 33 times higher, with individual investor demand 180 times and professional investor offers 22 times higher.
Phoenix is known as a mining operator developing one of the largest mining facilities in the Middle East, based in the United Arab Emirates (UAE). The company had been planning its IPO in the UAE since July 2023. The UAE is recognized as one of the crypto-friendly regions globally, with various initiatives to support crypto development, including various Web3-focused economic free zones. On November 28, the crypto exchange M2 received regulatory approval in the country and will offer crypto services to individual and institutional customers in the UAE through a partnership with Abu Dhabi Commercial Bank.