Cryptocurrency mining company Phoenix Group experienced a one-day delay in its IPO. The company changed the listing date due to the UAE's national day. The company had completed the book building process for its public offering on the Abu Dhabi Securities Exchange (ADX).
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In the statement made by the company, it was stated that the shares will be listed on December 5 instead of December 4 due to the public holidays declared for the United Arab Emirates National Day.
The UAE declared a public holiday on 2, 3 and 4 December due to national day celebrations. The company made a statement: “To ensure comprehensive participation in the public offering, it has rescheduled the listing date as December 5, 2023.”
Phoenix's IPO was more than 33 times oversubscribed. The company stated that there was intense demand and announced that individual investors showed 180 times more demand.
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