Phoenix Group’s planned public trading debut on the Abu Dhabi Securities Exchange has been rescheduled for December 5, 2023, in observance of the UAE National Day.
Phoenix Group, a crypto mining company, is gearing up for its anticipated public trading debut. The presale on Nov. 21 witnessed significant oversubscription, paving the way for the company’s next strategic move.
The Abu Dhabi Securities Exchange (ADX) will delay Phoenix’s initial public offering (IPO). The company is switching its scheduled public date.
According to the announcement on Nov. 28, the crypto mining firm plans to list its shares on Dec. 5 instead of Dec. 4, 2023. This adjustment is attributed to public holidays declared for the United Arab Emirates National Day.
Celebrated on Dec. 2, the UAE National Day marks the formation of the UAE as such. Therefore, the Ministry of Human Resources and Emiratization has declared public holidays for the private sector from Dec. 2, 3, to 4.
The announcement reads, “To honor this occasion and to ensure comprehensive participation in the IPO, Phoenix Group has rescheduled its listing date to Dec. 5, 2023.”
Phoenix Group’s Record-breaking IPO in Crypto-Friendly UAE
As announced earlier, Phoenix Group positively completed its first initial public offering with a positive oversubscription of 33 times as of Nov. 18, reporting that “overwhelming demand” left the offer of 907,323,529 shares oversubscribed.
Phoenix said retail investors subscribed to the offering 180 times, while professional investors contributed to a 22-fold oversubscription.
Phoenix is a mine operator based in the UAE, developing one of the largest mining facilities in the Middle East. Earlier reports suggest that the company plans to launch the IPO in the UAE by July 2023.
The UAE has positioned itself as one of the most crypto-friendly jurisdictions globally. It has introduced several initiatives, including establishing multiple Web3-focused economic free zones.
Related Reading | Japan Embraces USDC and Web3 in Milestone Agreement with Circle
These efforts aim to promote and support the active development of cryptocurrencies. These efforts highlight the country’s commitment to embracing the opportunities the crypto industry presents.
Rida Fatima
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