Phoenix, the Middle East's first publicly listed crypto miner, experienced a 50% surge after its $371 million IPO in Abu Dhabi.

In a historic move, cryptocurrency mining firm Phoenix Group has made its debut on the Abu Dhabi Securities Exchange (ADX), becoming one of the Middle East’s first publicly listed companies in the crypto industry. The opening stock price for Phoenix Group on December 5 stood at 2.25 dirhams ($0.6), marking a remarkable 50% surge from the initial public offering (IPO) price of 1.50 dirhams ($0.41) as per the Phoenix IPO prospectus.

The successful public listing follows Phoenix Group’s IPO closure on November 18, where the company experienced an oversubscription of 33 times. In this oversubscribed offering, Phoenix sold 907,323,529 shares for approximately 1.3 billion dirhams ($371 million). The portion of the IPO reserved for retail investors saw an overwhelming oversubscription of 180 times, while professional investors oversubscribed the offering 22 times.

Phoenix Group, founded in 2015 by co-founders Bijan Alizadeh and Munaf Ali, is a prominent player in the Middle East’s blockchain industry, collaborating with major regional authorities. The company has set ambitious goals, aiming to utilize the IPO proceeds to fuel its future growth and provide positive returns for investors. Alizadeh outlined the company’s strategic pillars, emphasizing “innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions.”

In line with its commitment to sustainability, Phoenix Group places a strong emphasis on using renewable sources for cryptocurrency mining. Approximately 95% of the company’s power is derived from renewables, primarily hydropower, showcasing its dedication to environmentally conscious practices.

As part of its expansion plans, Phoenix Group signed an agreement in August 2023 to build a $300 million crypto mining farm in Oman. The agreement took place in the presence of Omani Minister of Transport Saeed Al Maawali and Hisham Malak, chairman of the Abu Dhabi Stock Exchange.

In a significant development in October 2023, Abu Dhabi conglomerate International Holding Company acquired a 10% stake in Phoenix Group through its subsidiary International Tech Group, further solidifying the company’s standing in the rapidly evolving crypto landscape.

Phoenix Group’s successful IPO and subsequent stock surge underscore the growing interest and investment in the crypto industry, particularly in regions like the Middle East, where companies are actively contributing to the global blockchain ecosystem.

By Habib Rahman

My professional background is in public relations and I am the founder of Cryptochating. My journey into blockchain technology started four years ago, and I haven't looked back since then. The future of decentralized technology is incredibly fascinating to me, and I am passionate about communicating how it will change the world.

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