Cryptocurrency mining company Phoenix Group is preparing for its commercial launch after seeing significant oversubscription during the pre-market sale on November 21.
Phoenix’s public listing launch will be delayed as the company revised the date of its upcoming initial public offering (IPO) on the Abu Dhabi Stock Exchange (ADX).
According to a advertisement On November 28, the crypto mining company expects to list its shares on December 5 instead of December 4, 2023, due to the holidays declared for the UAE National Day.
Celebrated on December 2, UAE National Day commemorates the formation of the UAE. The Ministry of Human Resources and Emiratization marks December 2, 3 and 4 as public holidays for the private sector.
“To honor this occasion and ensure full participation in the IPO, Phoenix Group has rescheduled its listing date to December 5, 2023,” the announcement states.
As previously Announced, Phoenix Group successfully closed its 33-fold oversubscribed initial public offering on November 18, reporting that its offering of 907,323,529 shares experienced “overwhelming demand.” Phoenix said retail investors oversubscribed the offering 180 times, while professional investors contributed to a 22-fold oversubscription.
Phoenix is a United Arab Emirates-based mining operator that is developing one of the largest mining facilities in the Middle East. The company has reportedly been discussing launching an initial public offering in the United Arab Emirates since at least July 2023.
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The UAE has become one of the most cryptocurrency-friendly jurisdictions in the world and has launched several initiatives, including multiple Web3-focused economic free zones to support cryptocurrency development.
On November 28, the crypto exchange M2 received regulatory approval. Partnered with Abu Dhabi Commercial Bank to enable retail and institutional clients in the UAE to buy, sell and store cryptocurrencies such as bitcoin (btc).
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