Cryptocurrency mining agency Phoenix Group is making ready for its public trading launch after seeing a major oversubscription in the course of the pre-market sale on Nov. 21.

Phoenix’s public trading launch can be delayed because the agency has revised the date for its forthcoming preliminary public providing (IPO) on the Abu Dhabi Securities Alternate (ADX).

In keeping with an announcement on Nov. 28, the crypto mining agency expects to checklist 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 Assets and Emiratization marks Dec. 2, 3 and 4 as public holidays for the non-public 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 occasions on Nov. 18, reporting that its supply of 907,323,529 shares noticed “overwhelming demand.” Phoenix mentioned retail buyers oversubscribed the providing 180 occasions, whereas skilled buyers contributed to a 22-fold oversubscription.

Phoenix is a UAE-based mining operator that’s growing one of many largest mining amenities within the Center East. The corporate has reportedly been discussing the IPO launch within the UAE since not less than July 2023.

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The UAE has emerged as one of the vital crypto-friendly jurisdictions on the earth, launching numerous initiatives, together with a number of Web3-focused financial free zones to help crypto growth.

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