The first
cryptocurrency company has just made its debut in Abu Dhabi’s stock market with
considerable success. Phoenix’s shares jumped 50% after an initial public
offering (IPO) worth $371 million. According to one of the company’s Co-Founders,
this indicates a growing appetite for financial innovations in the Middle East.
Phoenix
Group PLC, a technology company specializing in mining digital assets
and blockchain technology, had its first listing today (Tuesday) on the Abu
Dhabi Securities Exchange (ADX). This marks the local market’s first encounter
with a company operating directly in the cryptocurrency industry, and investor
response has shown a keen interest in exposure to this sector.
The company
chose ADX for its IPO because the exchange “offers a dynamic and rapidly
growing financial market that aligns with Phoenix’s vision.” The first day
of trading exceeded the expectations of even the most optimistic analysts.
Shares
opened at 2.25 dirhams on Tuesday, increasing 50% from the IPO price of 1.50
dirhams. The offer was 33 times oversubscribed, translating into orders worth
$12 billion. For the retail portion of the offering, the oversubscription rate
was 180x.
Phoenix debut on ADX. Source: Tradingview.com
“This event
is not just about listing our shares; it’s a powerful declaration of the Middle
East’s rising prominence in the global tech and blockchain landscape,”
commented…
