Abu Dhabi’s Phoenix Group, a Bitcoin (BTC) mining service provider, has completed an initial public offering (IPO) that sold 907 million shares, raising approximately 1.3 billion UAE Dirhams, or $370 million, according to a Nov. 21 statement.
The firm said the IPO surpassed its initial expectations, raising 33 times the projected amount. Demand from retail investors led to the IPO being oversubscribed by 180 times, with professional investors subscribing 22 times the offering.
According to…
