TechFlow news, according to Investing.com, data center and cryptocurrency mining company Phoenix Group will launch its initial public offering (IPO) on November 16 at the Abu Dhabi Securities Exchange. Phoenix Group has set the offer price at 1.5 dirhams per share, totaling 1.36 billion dirhams (370 million U.S. dollars) in shares. Retail investors must invest a minimum of 5,000 dirhams and will be allocated 6.67% of the shares.
It is reported that UAE-based International Holding Company (IHC) recently acquired a 10% stake in Phoenix Group. Phoenix is seen as an opportunity for local investors to gain exposure to cryptocurrency-driven growth. This year, Phoenix established a 150-megawatt facility in Oman and signed agreements with Bitmain and MicroBT, helping maintain strong sales performance in the crypto market. Last year, Phoenix invested in a 250-megawatt data mining facility in Abu Dhabi, increasing its revenue from 161 million U.S. dollars in 2021 to 715 million U.S. dollars.
