Phoenix Group, a significant bitcoin mining service supplier based mostly in Abu Dhabi, not too long ago introduced the profitable completion of its Preliminary Public Providing (IPO), securing a considerable $370 million in capital.
In a press release launched this week, Phoenix Group revealed the IPO, initiated on the Abu Dhabi Securities Change (ADX), witnessed an awesome response, with subscriptions exceeding the preliminary providing worth 33 instances over.
Notably, the passion amongst retail buyers was significantly placing, with subscriptions surpassing expectations by 180 instances.
Phoenix Group IPO particulars
The general public providing, which commenced on Nov. 16 and concluded on Nov. 18, concerned the sale of 907 million shares. This represented 17.64% of the corporate’s stakes, with the intention of elevating 1.3 billion UAE dirhams, roughly $370 million. The shares are scheduled to begin buying and selling on Dec. 4 below the ticker PHX.
Phoenix Group’s operations span a variety of sectors inside the crypto trade. The corporate has established itself in varied international markets, together with the U.S., Canada, Europe and the Center East, specializing in internet hosting companies and Bitcoin mining. Moreover, Phoenix Group has ventured into retail-oriented companies, promoting miners and {hardware} wallets, and operates M2, a crypto funding platform regulated in Abu Dhabi.
Reflecting on its monetary achievements, Phoenix Group disclosed in its IPO prospectus a gross revenue of $76 million for the primary 9 months of the present 12 months, generated from a income of $229 million.
2022 proved to be significantly fruitful for the corporate, with a gross revenue of $171 million and a gross margin of twenty-two.6%.
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