Wednesday, November 15, 2023 11:04:28 AM
Recently, International Holding Company (IHC) of UAE purchased a 10% stake in Phoenix Group. The company manages the 'Citadel Project', which is the largest crypto-mining facility in Abu Dhabi.
The final quarter of 2023 has seen an uptick in IPO activity in the UAE stock markets. Prior to Phoenix's listing on the ADX, the subscription period for Investcorp Capital concluded. Global Capital Partners highlighted Phoenix's IPO as an opportunity for investors to gain exposure to the regulated crypto and blockchain sector, with a specific focus on attracting institutional investors with extensive knowledge of the crypto industry.
Retail investors are required to invest a minimum of Dh5,000 to participate in the IPO, which allocates 6.67% (or 60.48 million shares) to them. Analysts view Phoenix as offering local investors their first experience with growth opportunities centered around cryptocurrency.
This year, Phoenix expanded its international presence by establishing a 150MW facility in Oman through Green Data City. The company also has agreements with Bitmain and MicroBT, which have contributed to its strong sales performance despite the downturn in crypto markets. Last year, Phoenix invested in a 250MW data mining facility in Abu Dhabi, which helped drive its revenue up to $715 million from $161 million in trading operations in 2021. The company currently operates facilities with a combined capacity of 100MW in the U.S. and Canada.
https://www.investing.com/news/stock-market-news/phoenix-groups-ipo-to-offer-1764-stake-in-abu-dhabis-adx-93CH-3230015
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