Stablecoin

Cryptocurrency

Future

Kevin

Phoenix

<div class="watcher-guru">
 <p>In a groundbreaking development, Phoenix Group PLC, a tech firm specializing in the mining of digital assets and blockchain technology has made history by becoming the inaugural <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> company to debut on the <a rel="noopener noreferrer nofollow" title="Abu Dhabi" href="https://thebittimes.com/tag/abu-dhabi.html">Abu Dhabi</a> Securities Exchange (ADX). Following its initial public offering (IPO), the company experienced a substantial 50% surge in its shares. This comes after raising an impressive $371 million. The positive reception from investors not only validates the success of Phoenix’s IPO but also underscores the increasing interest in financial innovations within the Middle East.</p>
 <h4 class="wp-block-heading" id="h-phoenix-s-landmark-introduction-on-adx">Phoenix’s Landmark Introduction on ADX</h4>
 <p>The introduction of Phoenix Group to the ADX is a noteworthy achievement. It signifies the first instance of a <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a>-focused company entering <a rel="noopener noreferrer nofollow" title="Abu Dhabi" href="https://thebittimes.com/tag/abu-dhabi.html">Abu Dhabi</a>’s stock market. The deliberate choice to list on ADX aligns with Phoenix’s vision. The exchange provides a dynamic and rapidly expanding financial market. The initial day of trading surpassed even the most optimistic analysts’ expectations. It further emphasizes investors’ keen interest in gaining exposure to the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> sector.</p>
 <h4 class="wp-block-heading" id="h-exceptional-market-performance">Exceptional Market Performance</h4>
 <p>On the debut day, Phoenix Group’s shares opened at 2.25 dirhams. This marks a remarkable 50% increase from the IPO price of 1.50 dirhams. The IPO experienced exceptional demand, being oversubscribed 33 times, resulting in orders totaling $12 billion. Notably, the oversubscription rate for the retail portion of the offering reached an extraordinary 180 times. Munaf Ali, the Co-Founder &amp; Group MD of Phoenix, emphasized the significance of the event, stating,</p>
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 <p>“<strong>This event is not just about listing our shares; it’s a powerful declaration of the Middle East’s rising prominence in the global tech and blockchain landscape</strong>.”</p>
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 <p><strong>Also Read: Crypto: <a rel="noopener noreferrer nofollow" title="Abu Dhabi" href="https://thebittimes.com/tag/abu-dhabi.html">Abu Dhabi</a> is the New ‘Capital of Capital’ Says Kevin O’Leary</strong></p>
 <h4 class="wp-block-heading" id="h-successful-ipo-and-investor-interest">Successful IPO and Investor Interest</h4>
 <p>The public listing on ADX follows the successful closure of Phoenix Group’s IPO on Nov. 18, with oversubscriptions reaching 33 times. In this offering, Phoenix sold 907,323,529 shares for approximately 1.3 billion AED, equivalent to $371 million. The oversubscription rates for retail and professional investors were staggering, standing at 180 times and 22 times, respectively.</p>
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    <p lang="en" dir="ltr">🎉🔔 Tomorrow's the big day!<br><br>Join us in spirit as Phoenix Group ushers in a groundbreaking era with our IPO Bell Ringing Ceremony on Dec 5, on the Abu Dhabi Securities Exchange. Keep an eye out for exciting updates from this historic event on the ADX!#PhoenixRising #PhoenixIPO pic.twitter.com/LOjddcgCBw</p>— Phoenix Group (@phoenixgroupuae) December 4, 2023
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 <h4 class="wp-block-heading" id="h-the-future-of-cryptocurrency-in-the-middle-east">The Future of Cryptocurrency in the Middle East</h4>
 <p>Phoenix Group’s exceptional IPO success in Abu Dhabi marks a pivotal moment for the cryptocurrency industry in the Middle East. The overwhelming investor interest reflects a growing acknowledgment of the potential and significance of blockchain technology and digital assets in the region. As the first cryptocurrency company to go public in Abu Dhabi, Phoenix is paving the way for other innovative tech and blockchain enterprises, solidifying the Middle East’s position in the global technological landscape.</p>
 <p>The debut of Phoenix Group on the Abu Dhabi Securities Exchange has not only surpassed expectations but has also demonstrated the burgeoning interest and confidence in the cryptocurrency sector within the Middle East. As the Middle East embraces financial innovations, Phoenix’s groundbreaking IPO stands as a testament to the region’s growing prominence in the global tech and blockchain landscape.</p>
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 <p><strong>Also Read: Paxos Secures Approvals for Stablecoin Issuance in <a rel="noopener noreferrer nofollow" title="Abu Dhabi" href="https://thebittimes.com/tag/abu-dhabi.html">Abu Dhabi</a></strong></p>
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<div class="cs-entry__tags">
 <ul>
  <li>Abu Dhabi</li>
  <li>crypto</li>
  <li>cryptocurrency</li>
  <li>UAE</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/abu-dhabi-s-crypto-milestone-phoenix-group-ipo-sparks-50-share-surge-tbt72625.html">https://thebittimes.com/abu-dhabi-s-crypto-milestone-phoenix-group-ipo-sparks-50-share-surge-tbt72625.html</a></p>

Abu Dhabi's Crypto Milestone: Phoenix Group IPO Sparks 50% Share Surge

TheBitTimes

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