Bitcoin mining company Phoenix Group has delayed its stock listing
Cryptocurrency mining company Phoenix Group is gearing up for a public trading session on November 21 after seeing massive subscriptions during its pre-market sale.
Phoenix's public trading start will be delayed as the company has extended the date for its upcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
In the year According to an announcement made on November 28, the crypto mining company expects to list its shares on December 5, 2023 instead of December 4, 2023 due to public holidays declared for the UAE National Day.
UAE National Day, celebrated on December 2, commemorates the founding of the United Arab Emirates. The Ministry of Human Resources and Emirates observes December 2, 3 and 4 as private sector public holidays.
“To mark this occasion and ensure universal participation in the IPO, Phoenix Group has postponed the listing date to December 5, 2023,” the announcement said.
As previously reported, Phoenix Group successfully closed its IPO on November 18 with 33 times oversubscription, saying that its offering of 907,323,529 shares had met with “overwhelming demand”. Phoenix said retail investors oversubscribed the offering 180 times, while professional investors contributed 22 times oversubscription.
Phoenix is a United Arab Emirates mining operator developing one of the largest mining facilities in the Middle East. The company has been discussing an IPO in the UAE since at least July 2023.
Related: Bithumb plans to become first crypto exchange listed on Korean stock market: Report
The UAE has emerged as one of the most crypto-friendly jurisdictions in the world, launching several initiatives, including several Web3-based economic free zones to support crypto development.
On November 28, the crypto exchange M2 received regulatory approval. It has partnered with Commercial Bank of Abu Dhabi to enable retail and institutional customers in the UAE to buy, sell and store cryptocurrencies such as Bitcoin (BTC).
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in.
