In a big stride in the direction of bolstering Abu Dhabi’s place within the international fintech enviornment, the Abu Dhabi Securities Change (ADX) welcomed the itemizing of Phoenix Group PLC, a worldwide chief in cryptocurrency mining and blockchain expertise. The itemizing, which materialized on the 18th of November, 2023, marks a pivotal second within the development trajectory of Abu Dhabi’s fintech and digital financial system.
Phoenix Group’s preliminary public providing (IPO) emerged as a powerful success, garnering substantial market confidence with a formidable 33 occasions oversubscription, accumulating a staggering $370 million. The overwhelming response was fueled by each retail {and professional} buyers, with retail subscribers oversubscribing by an astonishing 180 occasions, {and professional} buyers contributing to a 22-fold oversubscription.
Abdulla Salem Alnuaimi, Chief Govt Officer of ADX, expressed his satisfaction with the itemizing, stating, “We’re happy to witness the itemizing of Phoenix Group on our change, which not solely provides to the variety of merchandise on our market but additionally alerts the rising curiosity within the digital financial system and monetary expertise investments in Abu Dhabi and the UAE.”
He added, “We’re proud to proceed to be the change market of alternative for tech-driven issuers and buyers, as we stay dedicated to our mission of connecting alternative and offering a world-class change market expertise for all our stakeholders.”
The importance of this itemizing extends past the monetary realm, as Phoenix Group turns into the primary privately owned crypto and blockchain entity to be listed on a Center East inventory market. This growth underscores the area’s dedication to fostering innovation within the digital panorama and positions ADX as a hub for cutting-edge expertise ventures.
The itemizing of Phoenix Group PLC on the ADX units a precedent for future engagements between conventional monetary markets and the burgeoning cryptocurrency and blockchain sector. The transfer aligns with the broader international development of embracing digital belongings inside established monetary frameworks, reflecting the evolution of the monetary panorama within the trendy period. As Abu Dhabi continues to place itself as a hub for innovation, the Phoenix Group itemizing marks a historic second within the intersection of conventional finance and the dynamic realm of cryptocurrency and blockchain expertise.
