Phoenix Group made history as the first privately owned cryptocurrency mining and blockchain firm to list on the Abu Dhabi stock exchange.
Abu Dhabi Securities Exchange (ADX) welcomed the listing of Phoenix Group as Abu Dhabi highlights its reputation as a hub for fintech businesses.
Phoenix Group’s initial public offering (IPO), demonstrates strong market confidence with a remarkable 33 times oversubscription, amassing $370m.
Phoenix Group Abu Dhabi IPO
The offering attracted significant attention from retail investors, who oversubscribed by 180 times, and professional investors, who contributed to a 22 fold oversubscription.
Abdulla Salem Alnuaimi, CEO of ADX, said: “We are pleased to witness the listing of Phoenix Group on our exchange, which not only adds to the diversity of products on our market but also signals the growing interest in the digital economy and financial technology investments in Abu Dhabi and the UAE.
“We are proud to continue to be the exchange market of choice for tech-driven issuers and investors, as we remain committed to our mission of connecting opportunity and providing a world-class exchange market experience for all our stakeholders”, he added.
This listing represents an important development for ADX, with Phoenix Group being the first privately owned crypto and blockchain entity to be listed on a Middle East stock market.
Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group, said: “Phoenix Group’s ADX listing is a milestone for diversified technology and innovation.
“Our IPO symbolises a leap forward for Abu Dhabi as a nexus of digital transformation across various sectors.
“By blending advanced blockchain applications, strategic tech partnerships, and market-leading digital asset services, we’re proud to be part of Abu Dhabi’s Economic Vision 2030.”
Munaf Ali, Co-Founder and Group MD of Phoenix Group PLC said: “The ADX listing of Phoenix Group is a testament to our multifaceted technological prowess.
“From spearheading blockchain advancements to shaping the landscape of digital finance, our presence on the exchange is a narrative of cross-industry tech innovation.
“As a preferred partner for government-led tech initiatives, we’re championing a future where the Abu Dhabi stands as a global beacon for sustainable and comprehensive digital economy growth.”
Being a leader in cryptocurrency mining and blockchain technology, Phoenix Group listing helps diversify the Fintech offering on ADX and provides growth opportunities for tech-driven investors.
Additionally, ADX has been working to accelerate the development of its digital-backed assets and has announced, last month, a partnership with HSBC Bank Middle East Limited (HSBC) to develop digital fixed-income securities, in the first regional collaboration of its kind.
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