Phoenix Group’s Crypto Mining Delayed: Big Crypto, Crypto Games and Web 3.0 World

Crypto Mining Firm Phoenix Group Prepares for Public Trading Launch

Cryptocurrency mining firm Phoenix Group is making preparations for its public trading launch after seeing a huge oversubscription during the pre-market sale on Nov. 21.

The public trading launch of Phoenix will be delayed as the firm has revised the date for its upcoming initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

According to a statement on Nov. 28, the crypto mining firm intends to list its shares on Dec. 5 instead of Dec. 4, 2023, due to the public holidays declared for the United Arab Emirates National Day.

Celebrated on Dec. 2, the UAE National Day celebrates the formation of the UAE. The Ministry of Human Resources and Emiratization marks Dec. 2, 3 and 4 as public holidays for the private sector.

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Phoenix Group Reschedules IPO Date

In order to honor the occasion and guarantee maximum involvement in the IPO, Phoenix Group has shifted its listing date to December 5th, 2023, as per the statement.

It was previously reported that Phoenix Group successfully completed its Initial Public Offering (IPO), with an oversubscription rate of 33 times on November 18. Moreover, the 907,323,529 shares offered by the company saw “overwhelming demand”, as retail investors oversubscribed the offering 180 times, and professional investors contributed to a 22-fold oversubscription.

Phoenix is a UAE-based crypto mining operator that is constructing one of the largest mining facilities in the Middle East. Discussions about the IPO launch in the UAE have been taking place since July 2023.

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