Multinational crypto mining and blockchain giant Phoenix Group has achieved a significant milestone in its initial public offering (IPO) raise.
According to a press release, the mining company was able to close its IPO raise after investors oversubscribed 33 times, pointing to a strong interest in its global mining activities.
"Phoenix Group, a crypto miner, announces that their initial share sale in the UAE was oversubscribed by 33 times. This indicates high investor interest and confidence in the company's mining operations."
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— Mike Wachel (@MikeWachel) November 21, 2023
Providing more details, Phoenix Group PLC said its 907,323,529 shares offering was further oversubscribed by 180 times by retail investors.
Professional and institutional investors followed closely and oversubscribed 22-fold, underscoring the blockchain company’s strong brand presence in the fledgling Web3 ecosystem.
Phoenix Group’s share offering went for 1.50 dirhams per share as the company sought to raise 1.36 billion dirhams (or about $368 million). This share offering categorically grants a 17.64% stake of the company’s share capital to willing investors who participated in the IPO fund-raising round.
Kickstarted on November 16 and concluded on November 18, Phoenix Group’s IPO raise represents one of the shortest in the crypto space and underscores the growing appeal blockchain-backed firms enjoy following a renaissance in the crypto market.
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