{"id":86799,"date":"2023-11-22T00:00:00","date_gmt":"2023-11-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/phoenix-group-closes-ipo-offering-at-33x-oversubscription-rate\/"},"modified":"2023-11-22T00:00:00","modified_gmt":"2023-11-22T00:00:00","slug":"phoenix-group-closes-ipo-offering-at-33x-oversubscription-rate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/11\/22\/phoenix-group-closes-ipo-offering-at-33x-oversubscription-rate\/","title":{"rendered":"Phoenix Group closes IPO offering at 33x oversubscription rate"},"content":{"rendered":"

Crypto miner <\/strong>Phoenix Group\u2019s<\/a><\/strong> IPO was 33x oversubscribed at the close of the offering <\/strong>period<\/strong>, which ended last Saturday, according to a statement<\/a>. The retail portion of the offering was 180x oversubscribed, while the institutional portion was 22x oversubscribed, the statement says. <\/p>\n

Shareholders are offering 17.64% of the company (c. 907.3 mn shares) in the IPO<\/strong>, with 93.3% (c. 846.8 mn shares) earmarked for institutional investors and 6.7% (c. 60.5 mn shares) allocated for the retail offering, according to the public offer announcement (pdf)<\/a>. At AED 1.50 per share, the IPO is worth some AED 1.36 bn. <\/p>\n

Current shareholders:<\/strong> Agora SPV, Okab Okab Sakr, Najib Abou Hamzeh, Seyedmohammad Alizadehfard, Echo Holding, Vertex Holding, Horizon Holding, Hyperion Holdings, Hades Holdings, Artemis Holdings, Maple Tree Holdings, and International Tech Group Sole Proprietorship all hold shares in Phoenix Group. None of the current shareholders will fully offload their stake in the company. <\/p>\n

Shares should start trading on the ADX on Monday, 4 December<\/strong> under the ticker PHX, Phoenix Group said. <\/p>\n

Advisors:<\/strong> First Abu Dhabi Bank is acting as lead receiving bank and lead manager, while 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 acting as the company\u2019s accountants. Ibrahim & Partners offered counsel to the lead manager. <\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto miner is offering 17.64% in the IPO<\/p>\n","protected":false},"author":1,"featured_media":86800,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1560],"tags":[74,7,1392,149,229],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-adx","tag-enterpriseam-uae","tag-ipo","tag-ipo-watch","tag-phoenix-group","wpautop","entry"],"acf":{"mongo_id":"f6684c1c-c0e0-42e0-a663-7768680afd06","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1246.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Phoenix Group closes IPO offering at 33x oversubscription rate","related_issue":[86792],"teaser":"The crypto miner is offering 17.64% in the IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.8f11192d-3623-4ba9-86c7-1adecb740356.mp3"},"yoast_head":"\nPhoenix Group closes IPO offering at 33x oversubscription rate - 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