Phoenix Group Announces Landmark IPO on the Abu Dhabi Securities Exchange

Abu Dhabi, UAE – Dec 4, 2023 – (SeaPRwire) – Phoenix Group PLC, a trailblazer in the cryptocurrency mining and blockchain industry, proudly announces its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX), slated for December 5th, 2023. This historic event marks the first public listing of a crypto mining and blockchain technology company in the Middle East, reflecting the region’s rapidly expanding tech and fintech sectors.

Event Details:

  1. Date of IPO: December 5th, 2023
  2. Location: Abu Dhabi Securities Exchange (ADX)

Phoenix Group’s IPO represents a significant leap forward for the UAE’s burgeoning tech landscape. With a robust post-IPO valuation estimated at approximately $2.47 billion, Phoenix Group is setting a new benchmark for innovation and investment in the region.

Key Highlights of the IPO:

  1. The IPO offer period closed with a massive oversubscription, signaling strong investor confidence.
  2. Phoenix Group’s strategic initiatives, including a joint venture with the Abu Dhabi government, exemplify the successful fusion of public policy and private sector innovation.
  3. The Group’s commitment to environmental sustainability is underscored by the development of the largest hydropower mining farm in Abu Dhabi, recognized as the world’s largest.

Bijan Alizadehfard, Co-Founder & Group CEO of Phoenix Group PLC, remarked, “As we approach our IPO, we’re thrilled to unveil our ambitious vision for the future. Anchored by four pillars – innovation in Bitcoin mining, renewable energy ventures, advanced manufacturing capabilities, and strategic acquisitions – we’re poised to redefine the technology landscape. This IPO is more than an achievement; it’s a launching pad for Phoenix Group’s global aspirations.”

Munaf Ali, Co-Founder & Group MD of Phoenix Group PLC, also shared, “The momentum building up to our IPO reflects the excitement and optimism for our future endeavors. We’re embarking on a journey that promises to enhance our technological footprint, driven by our commitment to digital finance and tech innovation. This is a pivotal moment for us to propel Phoenix Group into a new era of growth and global impact.”

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.

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