{"id":65734,"date":"2023-11-28T15:42:39","date_gmt":"2023-11-28T19:42:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=65734"},"modified":"2023-11-28T15:42:43","modified_gmt":"2023-11-28T19:42:43","slug":"phoenix-group-ipo-delayed-for-uae-national-day","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/phoenix-group-ipo-delayed-for-uae-national-day\/","title":{"rendered":"Phoenix Group IPO Delayed for UAE National Day"},"content":{"rendered":"\n

Phoenix Group, a UAE-based crypto mining firm, has rescheduled its IPO<\/a> on the ADX to December 5, 2023, after the UAE National Day holidays. The company received an overwhelming response from investors, with a 33-fold oversubscription rate.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Phoenix Group, a leading cryptocurrency mining company in the Middle East, has announced a new date for its initial public offering (IPO)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> on the Abu Dhabi Securities Exchange (ADX). <\/p>\n\n\n\n

The public trading debut, which was originally planned for December 4, 2023, will now take place on December 5, 2023. The company decided to delay the launch to respect the UAE National Day holidays,<\/use><\/svg><\/span><\/a> which run from December 2 to 4. <\/p>\n\n\n\n

The move aims to ensure wider participation in the IPO, honoring the importance of the national celebration.<\/p>\n\n\n\n

Phoenix Group\u2019s IPO: A Huge Success<\/h3>\n\n\n\n

Phoenix Group\u2019s IPO concluded with remarkable success, witnessing an oversubscription rate of 33 times, as reported on November 18. <\/p>\n\n\n\n

The offering comprised 907,323,529 shares<\/strong> and attracted substantial interest from retail and professional investors. Retail investors oversubscribed 180 times, while professional investors participated with a 22-fold oversubscription. <\/p>\n\n\n\n

This impressive response underscores strong investor confidence in Phoenix Group\u2019s business model and prospects.<\/p>\n\n\n\n

The company, known for developing one of the largest mining facilities in the Middle East, has been discussing launching its IPO in the UAE since July 2023. <\/p>\n\n\n\n

Phoenix Group\u2019s journey to the public market reflects the increasing interest in cryptocurrency and blockchain technology in the region.<\/p>\n\n\n\n

UAE: A Crypto-Friendly Destination<\/h3>\n\n\n\n

The UAE\u2019s burgeoning interest in cryptocurrency and blockchain technology is evident in its crypto-friendly regulations and initiatives. The region has established several Web3-focused economic free zones to encourage the crypto industry\u2019s growth. <\/p>\n\n\n\n

These initiatives align with the country\u2019s goal of becoming a global blockchain and digital currency innovation hub.<\/p>\n\n\n\n

In a related development, the crypto exchange M2 obtained regulatory approval<\/a> on November 28. This pivotal achievement allows the exchange, in collaboration with Abu Dhabi Commercial Bank, to provide services to retail and institutional clients in the UAE. <\/p>\n\n\n\n

These services include the buying, selling, and storing of cryptocurrencies, such as Bitcoin. This advancement reinforces the UAE\u2019s standing as a key influencer in the worldwide cryptocurrency market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Phoenix Group, a UAE-based crypto mining firm, has rescheduled its IPO on the ADX to December 5, 2023, after the UAE National Day holidays. The company received an overwhelming response from investors, with a 33-fold oversubscription rate. Phoenix Group, a leading cryptocurrency mining company in the Middle East, has announced a new date for its […]<\/p>\n","protected":false},"author":44,"featured_media":65743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1145,17385,17386],"class_list":["post-65734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ipo","tag-phoenix-group","tag-uae-national-day"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/phoenix-group-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=65734"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/65743"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=65734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=65734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=65734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}