Phoenix Group Delays IPO on Abu Dhabi Securities Exchange Due to UAE National Day

According to Cointelegraph, cryptocurrency mining firm Phoenix Group has revised the date for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) due to public holidays declared for the United Arab Emirates National Day. The firm now expects to list its shares on Dec. 5 instead of Dec. 4, 2023. The UAE National Day, celebrated on Dec. 2, commemorates the formation of the UAE, with the Ministry of Human Resources and Emiratization marking Dec. 2, 3, and 4 as public holidays for the private sector. Phoenix Group successfully closed its IPO with a 33 times oversubscription on Nov. 18, reporting that its offer of 907,323,529 shares saw an overwhelming demand. Retail investors oversubscribed the offering 180 times, while professional investors contributed to a 22-fold oversubscription. The UAE-based mining operator is developing one of the largest mining facilities in the Middle East and has been discussing the IPO launch in UAE since at least July 2023. The UAE has emerged as one of the most crypto-friendly jurisdictions in the world, launching various initiatives, including multiple Web3-focused economic free zones to support crypto development. On Nov. 28, the crypto exchange M2 received regulatory approval and partnered with Abu Dhabi Commercial Bank to enable retail and institutional clients in the UAE to buy, sell, and store cryptocurrencies like Bitcoin (BTC).