Cryptocurrency mining agency Phoenix Group is getting ready for its public buying and selling launch after seeing a big oversubscription in the course of the pre-market sale on Nov. 21.
Phoenix’s public buying and selling launch shall be delayed because the agency has revised the date for its forthcoming preliminary public providing (IPO) on the Abu Dhabi Securities Alternate (ADX).
Based on an announcement on Nov. 28, the crypto mining agency expects to listing its shares on Dec. 5 as an alternative of Dec. 4, 2023, because of public holidays declared for the United Arab Emirates Nationwide Day.
Celebrated on Dec. 2, the UAE Nationwide Day commemorates the formation of the UAE. The Ministry of Human Sources and Emiratization marks Dec. 2, 3 and 4 as public holidays for the personal sector.
“To honor this event and guarantee complete participation within the IPO, Phoenix Group has rescheduled its itemizing date to December fifth, 2023,” the announcement states.
As beforehand introduced, Phoenix Group efficiently closed its IPO with an oversubscription of 33 instances on Nov. 18, reporting that its supply of 907,323,529 shares noticed “overwhelming demand.” Phoenix stated retail buyers oversubscribed the providing 180 instances, whereas skilled buyers contributed to a 22-fold oversubscription.
Phoenix is a UAE-based mining operator that’s creating one of many largest mining services within the Center East. The corporate has reportedly been discussing the IPO launch within the UAE since no less than July 2023.
Associated: Bithumb plans to be first crypto change listed on Korea inventory market: Report
The UAE has emerged as one of the vital crypto-friendly jurisdictions on the planet, launching numerous initiatives, together with a number of Web3-focused financial free zones to assist crypto improvement.
Journal: defend your crypto in a risky market — Bitcoin OGs and specialists weigh in
