Cryptocurrency mining firm Phoenix Group has opened trading on the Abu Dhabi Securities Exchange (ADX), becoming one of the first listed industrial companies in the Middle East.
According to data from the ADX exchange, Phoenix Group (PHX) shares opened on December 5 at 2.25 dirhams (AED) – or $0.6. PHX shares have risen as much as 50% from its initial public offering (IPO) price of AED 1.50 or $0.41, according to the Phoenix IPO prospectus.
The public listing comes a few weeks after Phoenix Group successfully completed its IPO on November 18 with a 33-fold oversubscription, selling 907,323,529 shares for around AED 1.3 billion or US$371 million. The portion of the IPO reserved for private investors was oversubscribed 180 times, while professional investors oversubscribed the offering 22 times.
Cryptocurrency miner Phoenix wants to use the IPO proceeds to fund its future growth and generate positive returns for investors. According to Bijan Alizadeh, co-founder and CEO of Phoenix Group, the company's ambitions are based on four pillars, including “innovations in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities and strategic acquisitions.”
Founded in 2015 by Alizadeh and Munaf Ali, Phoenix is a major company in the Middle East blockchain industry, working with key authorities in the region. In August 2023, Phoenix signed an agreement to build a $300 million crypto mining farm in Oman in the presence of Omani Transport Minister Saeed Al Maawali and Abu Dhabi Stock Exchange Chairman Hisham Malak.
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One of the key aspects of Phoenix's vision is its commitment to sustainability in cryptocurrency mining, or the use of renewable sources for cryptocurrency mining. 95% of Phoenix's electricity comes from renewable energy, primarily hydroelectric, Alizadeh said in September 2023.
In October 2023, Abu Dhabi conglomerate International Holding Company acquired a 10% stake in cryptocurrency company Phoenix Group through its subsidiary International Tech Group.
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