{"id":66294,"date":"2023-12-05T08:44:48","date_gmt":"2023-12-05T12:44:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66294"},"modified":"2023-12-05T08:44:50","modified_gmt":"2023-12-05T12:44:50","slug":"phoenix-group-stock-rises-50-following-ipo-in-abu-dhabi","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/phoenix-group-stock-rises-50-following-ipo-in-abu-dhabi\/","title":{"rendered":"Phoenix Group Stock Rises 50% Following IPO in Abu Dhabi"},"content":{"rendered":"\n

Phoenix Group, a cryptocurrency mining company, has made its initial public offering <\/a>(IPO) on the Abu Dhabi Securities Exchange (ADX), with the stock opening at $0.6 and witnessing a 50% rise following the IPO.<\/p>\n\n\n\n

\"Phoenix
Phoenix Group Stock Rises 50% Following IPO in Abu Dhabi<\/figcaption><\/figure>\n\n\n\n

The opening price of The Phoenix Group stock on December 5 was 2.25 dirhams ($0.6), according to data from the ADX exchange. According to the Phoenix IPO prospectus, the price has increased by as much as 50% since its initial public offering (IPO) price of 1.50 dirhams ($0.41).<\/p>\n\n\n\n

A few weeks before the public offering, on November 18, Phoenix Group sold 907,323,529 shares for approximately 1.3 billion dirhams ($371 million), an amount that was 33 times oversubscribed and thus effectively completed. <\/p>\n\n\n\n

The retail investor<\/a> portion of the initial public offering was 180 times oversubscribed, whereas the offering was 22 times oversubscribed by professional investors.<\/p>\n\n\n\n

The cryptocurrency miner intends to finance its future expansion and provide investors with positive returns with the IPO proceeds. <\/p>\n\n\n\n

The four pillars upon which Phoenix Group's ambitions rest, according to CEO and co-founder Bijan Alizadeh, are “innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions.”<\/p>\n\n\n\n

Established in 2015 by Alizadeh and Munaf Ali, Phoenix is a prominent entity within the blockchain sector of the Middle East, engaging in strategic partnerships with key regional governing bodies. <\/p>\n\n\n\n

In August 2023, in the presence of Abu Dhabi Stock Exchange\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> chairman Hisham Malak and Omani Minister of Transport Saeed Al Maawali, Phoenix inked an agreement to construct a $300 million cryptocurrency mining farm in Oman.<\/p>\n\n\n\n

Phoenix's commitment to sustainability in cryptocurrency mining, or using renewable energy sources for cryptocurrency mining, is a central tenet of its mission. In September 2023, Alizadeh stated that approximately 95% of Phoenix's electricity is derived from renewable sources, predominantly hydropower.<\/p>\n\n\n\n

International Holding Company, an Abu Dhabi conglomerate, acquired a 10% stake in Phoenix Group in October 2023 via its subsidiary International Tech Group.<\/p>\n","protected":false},"excerpt":{"rendered":"

Phoenix Group, a cryptocurrency mining company, has made its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), with the stock opening at $0.6 and witnessing a 50% rise following the IPO. The opening price of The Phoenix Group stock on December 5 was 2.25 dirhams ($0.6), according to data from the ADX […]<\/p>\n","protected":false},"author":12,"featured_media":66300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1822,17471,17385],"class_list":["post-66294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-abu-dhabi","tag-abu-dhabi-securities-exchange","tag-phoenix-group"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/image-11.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66294","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66294"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/66300"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}