Crypto Firm Phoenix Jumps 50% After $371 Million Abu Dhabi IPO
Cryptocurrency mining hardware retailer Phoenix Group Plc soared as much as 50% on its Abu Dhabi debut after an initial public offering that raised 1.36 billion dirhams ($371 million).
The shares opened at 2.25 dirhams Tuesday, up from the IPO price of 1.50 dirhams. The offering is the first crypto-related listing in the Middle East and was 33 times oversubscribed, implying orders worth $12 billion. The portion of the IPO reserved for retail investors was oversubscribed 180 times.
