Crypto mining company Phoenix Group completed its IPO on the Abu Dhabi Securities Exchange and was oversubscribed 33 times

According to CoinDesk, Phoenix Group, a cryptocurrency mining company, completed its IPO on the Abu Dhabi Securities Exchange (ADX) with an oversubscription of 33 times. It is reported that Phoenix Group conducts mining operations through custody services and cloud-based services. In addition, it operates a cryptocurrency exchange called M2, with its native token being MMX.
Earlier on November 15th, it was reported that Phoenix Group, a blockchain and cryptocurrency solution provider in Abu Dhabi, would conduct an IPO on the Abu Dhabi Securities Exchange on November 16th. Phoenix Group set the tender offer price at 1.5 dirhams per share, with a total of 1.36 billion dirhams (approximately US$370 million) in shares expected to be sold.
In addition, IHC, a UAE international holding company, recently acquired 10% of Phoenix Group's equity.