Phoenix Group Delays IPO to December 5, Valued at $370 Million

According to Coincu, Phoenix Group has postponed its initial public offering (IPO) to December 5, 2023, due to the UAE National Day. The company's shares are valued at a groundbreaking $370 million, making it the Middle East's first listed encryption company. The decision to delay the IPO aims to ensure comprehensive investor participation, as public holidays for the UAE National Day extend until December 4. Phoenix Group's pre-market sale on November 21 witnessed exceptional demand, hinting at a blockbuster IPO. The company's IPO was initially set for December 4 on the Abu Dhabi Securities Exchange (ADX) but underwent a strategic revision. The rescheduled listing date aligns with Phoenix Group's commitment to accommodating investor interests and fostering a successful market entry. The $370 million valuation of Phoenix Group's shares marks a historic moment for the Middle East's involvement in the global cryptocurrency landscape. As the cryptocurrency industry continues to evolve, Phoenix Group's upcoming public trading debut is poised to make waves in the Middle East and beyond.