Phoenix Group's IPO Sees Unprecedented 180x Oversubscription from Retail Investors, Signifying Strong Market Confidence

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The company's offer of 907,323,529 shares has seen an overwhelming demand, particularly from retail investors who oversubscribed by 180 times.

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Provider:

GlobeNewswire, Inc.

Retrieved on:

Tuesday, November 21, 2023

Information

Tags:

Growth, IPO, ADX, Phoenix Group, Cryptocurrency, MD

Geotags:

ABU DHABI, UAE, AE, ABU

⚠ partially generated by AI ↴

Organisation:

PHOENIX GROUP, PHOENIX GROUP PLC

Summary

Key Points:

The company's offer of 907,323,529 shares has seen an overwhelming demand, particularly from retail investors who oversubscribed by 180 times.
Professional investors also showed strong support, contributing to a 22-fold oversubscription, underscoring the strength and potential of Phoenix Group.
The listing, scheduled for December 4, 2023, under the trading symbol PHX, marks a new era for Phoenix Group.
The company looks forward to embarking on its next phase of growth and innovation as it prepares for its public listing.

ABU DHABI, UAE, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Phoenix Group PLC (https://phoenixgroupuae.com), a leading player in cryptocurrency mining, tech, and blockchain, has successfully closed its initial public offering (IPO) with an impressive 33 times oversubscription, demonstrating robust investor interest. The company's offer of 907,323,529 shares has seen an overwhelming demand, particularly from retail investors who oversubscribed by 180 times. Professional investors also showed strong support, contributing to a 22-fold oversubscription, underscoring the strength and potential of Phoenix Group.

The offer period, which concluded on November 18, 2023, witnessed an enthusiasm that far surpassed expectations, showcasing the company's solid standing in the burgeoning Middle Eastern crypto economy.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, added: "The overwhelming interest during the offer period is a powerful endorsement of our pioneering role in Cryptocurrency Mining and Blockchain. The anticipation leading up to our listing on ADX, as reflected by the oversubscription, is a testament to the confidence investors place in our vision and the potential they see in Phoenix Group."

Munaf Ali, Co-Founder & Group MD of Phoenix Group PLC, commented on this milestone: "The exceptional oversubscription during our offer period is a clear indicator of the market's endorsement of Phoenix Group as a leader in Cryptocurrency Mining and Blockchain Technology. As we prepare for our listing on ADX on December 4, 2023, under the trading symbol PHX, we are more committed than ever to enhancing our mining capabilities and driving tech innovations forward."

The successful close of the offer period paves the way for Phoenix Group's anticipated listing on the ADX, a significant step that will further solidify its position as an innovator and leader in the tech and blockchain sectors. The listing, scheduled for December 4, 2023, under the trading symbol PHX, marks a new era for Phoenix Group.

Phoenix Group PLC extends its deepest gratitude to its investors, partners, and team for their unwavering support and contribution to the resounding success of the offer period. The company looks forward to embarking on its next phase of growth and innovation as it prepares for its public listing.

About Phoenix Group PLC

Phoenix Group PLC is an industry leader in cryptocurrency mining, tech, and blockchain, renowned for its innovative solutions that drive the digital finance sector forward. The company has successfully developed and implemented proprietary blockchain technologies and advanced crypto mining operations globally, establishing itself as a trusted entity in the tech space. As Phoenix Group prepares for its listing on the ADX under the trading symbol PHX, it is poised to leverage its accomplishments to expand further and continue its trajectory of innovation and growth within the global digital economy.

Media Contact

Phoenix Group PLC

Media team

[email protected]

https://phoenixgroupuae.com

SOURCE: Phoenix Group PLC