At the open, the PHX stock surged 50% from the initial public offering (IPO) price of 1.50 AED, or $0.41.

Cryptocurrency mining firm Phoenix Group (ADX: PHX) has achieved a significant milestone by debuting trading on the Abu Dhabi Securities Exchange, marking one of the Middle East’s initial publicly listed industry firms. The PHX stock debuted at 2.25 dirhams (AED) or $0.6 on December 5, witnessing a remarkable surge of up to 50% from its initial public offering (IPO) price of 1.50 AED, as disclosed in the Phoenix IPO prospectus.

The successful IPO, which closed on November 18, was oversubscribed by 33 times, amounting to the sale of 907,323,529 shares for approximately 1.3 billion AED or $371 million. Notably, the retail investor portion was oversubscribed by 180 times, while professional investors oversubscribed their allocation by 22 times.

Phoenix Group, a key player in the Middle East’s blockchain sector, plans to employ the IPO proceeds to fuel its future growth and deliver favorable returns for investors. (COINTELEGRAPH)

The company’s strategic pillars, articulated by co-founder and CEO Bijan Alizadeh, encompass innovation in Bitcoin mining, investments in renewable energy, advanced manufacturing capabilities, and strategic acquisitions. Emphasizing sustainability, Phoenix utilizes 95% renewable energy, primarily hydropower, in its cryptocurrency mining operations.

Additionally, the company secured a $300 million crypto-mining farm project in Oman, solidifying its commitment to the industry’s sustainable future.

In October 2023, International Holding Company acquired a 10% stake in Phoenix Group through its subsidiary, International Tech Group.

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