United

Strong

Phoenix

For the first time in the Middle East, Phoenix Group Plc, a leading cryptocurrency mining hardware retailer, experienced a significant 50% surge during its Abu Dhabi debut after a successful initial public offering (IPO) that raised 1.36 billion dirhams ($371 million). Strong investor interest and record-breaking oversubscription 
The shares, which were initially priced at 1.50 dirhams, opened at 2.25 dirhams on Tuesday, reflecting the strong investor interest in the first-ever crypto-related listing in the region. The IPO proved to be exceptionally superhit, with a staggering oversubscription rate of 33 times, cracking to orders worth an impressive $12 billion. Notably, the portion of the IPO reserved for retail investors saw an overwhelming oversubscription of 180 times.
Directly or indirectly, the crypto market certainly helps the stock market surge, as we saw in the <a href="https://news.todayq.com/coinbase-fails-to-expand-despite-binance-us-exit-from-us-market/" rel="noopener noreferrer nofollow">Coinbase</a> (NASDAQ: COIN) stock price, which experienced a massive surge of over 200% from December 2022 to December 2023. Factors driving IPO activity in the Persian Gulf 
The surge in IPO activity in the Persian Gulf over the past two years has been attributed to factors such as high oil prices, government privatization initiatives, and robust investor demand. This trend sharply contrasts with the global listing market, which has faced challenges due to aggressive interest rate hikes and concerns about economic growth.
Abu Dhabi’s largest conglomerate, International Holding Co., which is controlled by a prominent member of the emirate’s royal family, secured a 10% stake in Phoenix Group in early October, further underlining the significance of the crypto retailer’s debut.
While the United Arab Emirates has positioned itself as a crypto industry hub, recent developments indicate a shift towards increased regulatory scrutiny. This move is aimed at ensuring proper oversight of the industry and aligning with efforts to remove the UAE from the Financial Action Task Force’s “gray list.”&nbsp;
Dubai’s crypto regulator, for instance, imposed fines on 18 firms for compliance breaches last month. Phoenix Group’s successful IPO marks a milestone for the Middle East’s crypto landscape, and its remarkable debut underscores the region’s growing prominence in the global cryptocurrency market.&nbsp;
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Crypto miner Phoenix Group’s share surges 50%: Report

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