Cryptocurrency miner Phoenix Group (PHX) closed its initial public offering on the Abu Dhabi Securities Exchange (ADX), saying it was 33 times oversubscribed.

The UAE-based company said last week it was offering 907,323,529 shares at 1.50 dirhams a share for a target raise of 1.36 billion dirhams ($368 million), giving investors 17.64% of the company.

Phoenix Group offers mining both through hosting services and a cloud-based service whereby clients rent hashrate. It also runs a crypto exchange called M2, powered by its native Ethereum-based token, MMX.

The UAE is among the most advanced jurisdictions when it comes to providing regulatory clarity around digital assets, with Dubai and Abu Dhabi both touting frameworks that provide clear guidance on the treatment of different types of assets and which activities are permitted and prohibited. The legal clarity may give companies an advantage when courting investment.

Retail investors oversubscribed 180 times and professional investors contributed to a 22-fold oversubscription, the company said.

The shares are scheduled to start trading Dec. 4.

United Arab Emirates UAE Abu Dhabi Mining IPOs Share sale

Jamie Crawley

Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.