Bitcoin Miner Phoenix Group Receives Overwhelming Response, Raises $370 Million In IPO

The initial public offering (IPO) of Phoenix Group has concluded. Through the Phoenix Group IPO, the company has successfully raised $370 Million, thanks to the overwhelming demand the public issue received particularly from retail investors. The offer comprised 907,323,529 shares.

The Phoenix Group IPO saw an impressive 33x times oversubscription overall. The group will utilize the proceeds of the proposed Initial Public Offering to fund the future growth of Phoenix Group, which will allow the company to deliver positive returns for investors.

In the retail investors category, the issue was oversubscribed by 180 times. Professional investors also showed strong support, contributing to a 22-fold oversubscription, underscoring the strength and potential of Phoenix Group.

For the nine months that ended September 30, 2023, the company's Profit After Tax (PAT) of $144 million. The company's gross margin stood at 33%. The company's Net Asset Value stood at $279 million for the nine months that ended September 30, 2023.

Founded in 2017 in the UAE, Phoenix Group started as a pure-play digital asset mining company in the UAE. With growing operations, Phoenix has expanded not only geographically, but also vertically into an integrated digital asset company with a global footprint covering various business segments including hosting, trading, retail, cloud-mining and regulated digital asset exchange.

Phoenix Group IPO Timeline

Subscription Commencement Date - Tranche 1 and Tranche 2 - 16 November 2023

Preparation of allocation of offer shares for Tranche 1 and Tranche 2 - November 20 and November 24

Refund of surplus investment to eligible investors - November 25

Expected date of listing of Shares at ADX - December 4

Phoenix Group's IPO Listing is one of the first Crypto Asset Mining listing to take place in the Middle East region and will further enhance the growth and vision of Phoenix to pave the way for a more decentralized future for all.
Listing on the Abu Dhabi Securities Exchange will raise new financing to allow Phoenix to make new investments and support the next phase of the company's growth.