In a consecutive wave of Preliminary Public Choices (IPOs) at Abu Dhabi’s ADX, Phoenix Group, a number one knowledge middle and crypto mining firm, is ready to supply 17.64% in its Dh1.36 billion inventory market float. The subscription interval for each retail and institutional traders is scheduled to begin on November 16, with a quick two-day window, as indicated in a public announcement.
The provide value is fastened at Dh1.5, and with the backing of a license from Abu Dhabi International Market, Phoenix proudly operates because the “UAE’s first fully-regulated digital asset trade.”
Amid a surge in IPO exercise in the course of the last quarter of 2023 for UAE inventory markets, Phoenix’s itemizing follows carefully on the heels of Investcorp Capital, whose subscription interval concluded on November 9 forward of its impending itemizing on the ADX.
Sameer Lakhani, Managing Director at International Capital Companions, underscores the importance of the Phoenix IPO, presenting traders with a singular alternative to delve into the crypto and blockchain sphere via a professionally managed and licensed entity.
For retail traders, the minimal funding stands at Dh5,000, with subsequent increments of Dh1,000, permitting them a share of the 6.67% allotted to them, equal to 60.48 million shares.
Market analysts spotlight that Phoenix brings a groundbreaking alternative for UAE traders to faucet into crypto-focused development prospects throughout the native company panorama.
Phoenix’s spectacular income combine stands out within the crypto market, with strong gross sales even in the course of the difficult interval known as the “crypto winter” in 2023. The corporate experiences that regardless of trade headwinds, its buying and selling operations generated $161 million in 2021, experiencing a considerable surge to $715 million the next yr. This spectacular development is attributed to strategic collaborations with trade leaders like Bitmain and MicroBT.
Of explicit be aware is Phoenix’s strategic transfer in 2020 when it ventured into knowledge middle operations. At present boasting a mixed 100MW capability within the US and Canada, the corporate expanded its world presence this yr by establishing a 150MW facility in Oman via a partnership with Inexperienced Information Metropolis. In 2021, Phoenix made a big funding in a 250MW knowledge mining facility situated in Abu Dhabi.
As Phoenix’s IPO approaches, traders are eagerly anticipating the chance to be a part of a pioneering pressure within the crypto and blockchain sectors throughout the UAE. The IPO marks a pivotal second for the area’s monetary markets, bringing a fusion of conventional and cutting-edge applied sciences underneath the banner of a fully-regulated digital asset trade.