Cryptocurrency miner Phoenix Group (PHX) closed its initial public offering on the Abu Dhabi Securities Exchange (ADX), saying it was 33 times oversubscribed.
The UAE-based company said last week it was offering 907,323,529 shares at 1.50 dirhams a share for a target raise of 1.36 billion dirhams ($368 million), giving investors 17.64% of the company.
Phoenix Group offers mining both through hosting services and a cloud-based service whereby clients rent hashrate. It also runs a crypto exchange called M2, powered by its native Ethereum-based token, MMX.
Retail investors oversubscribed 180 times and professional investors contributed to a 22-fold oversubscription, the company said.
The shares are scheduled to start trading Dec. 4.
