Cryptocurrency mining company Phoenix Group (PHX) completed its IPO on the Abu Dhabi Securities Exchange (ADX), which was oversubscribed 33 times.
It is reported that Phoenix Group conducts mining operations through hosting services and cloud-based services. In addition, it also runs a cryptocurrency exchange called M2, whose native token is MMX. (CoinDesk)
Previously, it was reported on November 15 that Phoenix Group, an Abu Dhabi blockchain and encryption solution, will conduct an IPO on the Abu Dhabi Securities Exchange on November 16. Phoenix Group has set the offer price at 1.5 dirhams per share and expects to sell a total of 1.36 billion dirhams (approximately US$370 million) in shares.
In addition, Emirates International Holding Company (IHC) recently acquired a 10% stake in Phoenix Group.