Phoenix Group’s IPO shares pop on the first day of trading: Crypto mining company Phoenix Group saw its shares rise 35% in their trading debut on the ADX yesterday, Bloomberg reports. Trading under the ticker PHX, the company’s shares rose as much as 51% during trading to AED 2.27 per share during the session before closing at AED 2.03, giving it a market cap of USD 3.3 bn. The IPO raised some AED 1.36 bn.

Appetite was strong going in: The retail portion of Phoenix Group’s IPO was 180x oversubscribed, while the offering to institutional investors was 22x oversubscribed.

The IPO: Shareholders offered 17.64% of the company (or 907.3 mn shares) in the IPO, with 93.3% (or 846.8 mn shares) earmarked for institutional investors and 6.7% ( or 60.5 mn shares) allocated to the retail offering, according to the public offer announcement (pdf).

Advisors: First Abu Dhabi Bank is acting as lead receiving bank and lead manager, having received counsel from Ibrahim & Partners. International Securities is lead placement agent and listing advisor. Hadef & Partners are counsel on the transaction, with Ernst & Young acting as IPO subscription auditors and Crowe Mak serving as Phoenix Group’s accountants.

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