The primary
cryptocurrency firm has simply made its debut in Abu Dhabi’s inventory market with
appreciable success. Phoenix’s shares jumped by 50% after an preliminary public
providing (IPO) price $371 million. Based on one of many firm’s Co-Founders,
this means a rising urge for food for monetary improvements within the Center East.
Phoenix
Group PLC, a expertise firm specializing in mining digital property
and blockchain expertise, had its first itemizing right now (Tuesday) on the Abu
Dhabi Securities Alternate (ADX). This marks the native market’s first encounter
with an organization working instantly within the cryptocurrency trade, and investor
response has proven a eager curiosity in publicity to this sector.
The corporate
selected ADX for its IPO as a result of the trade “provides a dynamic and quickly
rising monetary market that aligns with Phoenix’s imaginative and prescient.” The primary day
of buying and selling exceeded the expectations of even probably the most optimistic analysts.
Shares
opened at 2.25 dirhams on Tuesday, growing by 50% from the IPO worth of 1.50
dirhams. The provide was 33 instances oversubscribed, translating into orders price
$12 billion. For the retail portion of the providing, the oversubscription fee
was 180x.
Phoenix debut on ADX. Supply: Tradingview.com
“This occasion
is not only about itemizing our shares; it is a highly effective declaration of the Center
East’s rising prominence within the international tech and blockchain panorama,”
commented Munaf Ali, the Co-Founder & Group MD of Phoenix.
🎉🔔 Tomorrow’s the massive day!
Be part of us in spirit as Phoenix Group ushers in a groundbreaking period with our IPO Bell Ringing Ceremony on Dec 5, on the Abu Dhabi Securities Alternate. Hold a watch out for thrilling updates from this historic occasion on the ADX!#PhoenixRising #PhoenixIPO pic.twitter.com/LOjddcgCBw
— Phoenix Group (@phoenixgroupuae) December 4, 2023
Publicly Listed Miners
Shifting Focus to AI
Phoenix
debuts as a miner on ADX at a time when different publicly listed firms within the
identical sector are starting to shift their machines from cryptocurrency mining to
supporting the computing energy wants of the substitute intelligence (AI)
trade. In 2022, the sector generated revenues of $6 billion decrease than within the
record-breaking 12 months of 2021.
In its report, JPMorgan advised that the high-performance computing (HPC) sector in AI might turn into rather more worthwhile than Bitcoin mining. Effectively-known manufacturers
within the Bitcoin mining trade, resembling Riot Blockchain (RIOT) and Hive
Blockchain Applied sciences (HIVE), have even modified their names to emphasise the
diversification of their companies. RIOT has turn into Riot Platform, and HIVE is
now Hive Digital Applied sciences.
Finance
Magnates inquired
if Phoenix fears that AI would possibly turn into a extra profitable enterprise within the close to
future. The corporate representatives state that the first focus stays on
crypto mining, however Phoenix is “actively monitoring the AI area.”
For the
firm, this space “might complement present operations and future
progress,” particularly if JPMorgan’s forecasts relating to HPC come true.
The primary
cryptocurrency firm has simply made its debut in Abu Dhabi’s inventory market with
appreciable success. Phoenix’s shares jumped by 50% after an preliminary public
providing (IPO) price $371 million. Based on one of many firm’s Co-Founders,
this means a rising urge for food for monetary improvements within the Center East.
Phoenix
Group PLC, a expertise firm specializing in mining digital property
and blockchain expertise, had its first itemizing right now (Tuesday) on the Abu
Dhabi Securities Alternate (ADX). This marks the native market’s first encounter
with an organization working instantly within the cryptocurrency trade, and investor
response has proven a eager curiosity in publicity to this sector.
The corporate
selected ADX for its IPO as a result of the trade “provides a dynamic and quickly
rising monetary market that aligns with Phoenix’s imaginative and prescient.” The primary day
of buying and selling exceeded the expectations of even probably the most optimistic analysts.
Shares
opened at 2.25 dirhams on Tuesday, growing by 50% from the IPO worth of 1.50
dirhams. The provide was 33 instances oversubscribed, translating into orders price
$12 billion. For the retail portion of the providing, the oversubscription fee
was 180x.
Phoenix debut on ADX. Supply: Tradingview.com
“This occasion
is not only about itemizing our shares; it is a highly effective declaration of the Center
East’s rising prominence within the international tech and blockchain panorama,”
commented Munaf Ali, the Co-Founder & Group MD of Phoenix.
🎉🔔 Tomorrow’s the massive day!
Be part of us in spirit as Phoenix Group ushers in a groundbreaking period with our IPO Bell Ringing Ceremony on Dec 5, on the Abu Dhabi Securities Alternate. Hold a watch out for thrilling updates from this historic occasion on the ADX!#PhoenixRising #PhoenixIPO pic.twitter.com/LOjddcgCBw
— Phoenix Group (@phoenixgroupuae) December 4, 2023
Publicly Listed Miners
Shifting Focus to AI
Phoenix
debuts as a miner on ADX at a time when different publicly listed firms within the
identical sector are starting to shift their machines from cryptocurrency mining to
supporting the computing energy wants of the substitute intelligence (AI)
trade. In 2022, the sector generated revenues of $6 billion decrease than within the
record-breaking 12 months of 2021.
In its report, JPMorgan advised that the high-performance computing (HPC) sector in AI might turn into rather more worthwhile than Bitcoin mining. Effectively-known manufacturers
within the Bitcoin mining trade, resembling Riot Blockchain (RIOT) and Hive
Blockchain Applied sciences (HIVE), have even modified their names to emphasise the
diversification of their companies. RIOT has turn into Riot Platform, and HIVE is
now Hive Digital Applied sciences.
Finance
Magnates inquired
if Phoenix fears that AI would possibly turn into a extra profitable enterprise within the close to
future. The corporate representatives state that the first focus stays on
crypto mining, however Phoenix is “actively monitoring the AI area.”
For the
firm, this space “might complement present operations and future
progress,” particularly if JPMorgan’s forecasts relating to HPC come true.
