Million

Phoenix

According to a recent news report, the Abu Dhabi Securities Exchange is gearing up for the imminent initial public offering (IPO) of Phoenix Group, a datacenter-based cryptocurrency mining company. The IPO is scheduled to commence on November 16th, 2023, and will run for two days. During this IPO, Phoenix Group plans to release $370 million worth of stocks, equivalent to 17.64% of its total stock offering.
Phoenix Group intends to make each share available at a price of $0.41 (1.5 AED) per share. For retail investors looking to participate in the IPO, a minimum investment of $1,360 (AED 5,000) is required, with an allocation of 6.67% (approximately 60.48 million shares) reserved for them. Analysts perceive Phoenix Group as providing local investors with their initial exposure to growth opportunities within the cryptocurrency sector.
Notably, the International Holding Company (IHC) of the UAE recently acquired a 10% stake in Phoenix Group, which manages the ‘Citadel Project,’ the largest crypto-mining facility in Abu Dhabi. Phoenix Group also recently entered into a partnership with M2 to offer crypto yield products.
Sameer Lakhani, Managing Director at Global Capital Partners, remarked, “The Phoenix IPO offers investors their first chance to access the crypto and blockchain realms through a professionally managed and licensed entity. This demonstrates the role that ADX (Abu Dhabi Securities Exchange) and the UAE are playing in this field, thanks to their robust regulatory framework in the crypto domain.”
In an interview with Entrepreneur magazine, Munaf Ali, co-founder and Managing Director of Phoenix Group, expressed his vision, saying, “I am committed to building an organization that consistently delivers remarkable returns to our stakeholders, shareholders, investors, and our dedicated team, which has been the cornerstone of our journey. Through our pursuit of excellence and innovation, we aim to position Phoenix as a leader in the market, earning recognition and respect on a global scale.”
Phoenix Group has invested in a 250 MW data mining facility in Abu Dhabi and expanded to Oman with a 150 MW facility in Green Data City. The company’s sales have remained robust in 2023, reflecting Phoenix’s adaptability and dedication to expanding its market presence. In 2021, its trading operations generated $161 million, and this figure surged to $715 million last year, thanks in part to strategic collaborations with industry leaders like Bitmain and MicroBT.
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“Phoenix Group’s $370 Million IPO of Crypto Mining Assets Set for November 16th Debut

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