The cryptocurrency miner Phoenix Group (PHX) said that it had 33 times oversubscribed when it finished its IPO on the Abu Dhabi Securities Exchange (ADX).With a goal of raising 1.36 billion dirhams ($368 million), the UAE-based company said last week that it was offering 907,323,529 shares at 1.50 dirhams a share, giving investors 17.64% of the business.
Phoenix Group provides cloud-based hosting services as well as a hashrate rental program for customers interested in mining.Additionally, it operates a cryptocurrency exchange named M2, which is fueled by MMX, a native Ethereum token.Dubai and Abu Dhabi both boast frameworks that offer clear advice on the treatment of various asset kinds and which activities are permitted and forbidden, making the UAE one of the most sophisticated jurisdictions when it comes to providing regulatory clarity around digital assets.Companies may have an edge when pursuing investment due to the clarity of the law.
Regarding the legislative framework pertaining to digital assets, the United Arab Emirates (UAE) is one of the most progressive countries. Both Dubai and Abu Dhabi have frameworks that clearly define how various asset types should be treated and what kinds of activities are allowed and not.When corporations are wooing investment, the legal clarity may provide an edge.
According to the corporation, professional investors made contributions to a 22-fold oversubscription, while retail investors oversubscribed 180 times.The shares are expected to go on sale on December 4.