Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO

Cryptocurrency mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange (ADX), becoming one of the Middle East’s first publicly listed industry firms.

The Phoenix Group stock (PHX) opened at 2.25 dirhams (AED) — or $0.6 — on Dec. 5, according to data from the ADX exchange. The PHX stock has soared as much as 50% from the initial public offering (IPO) price of 1.50 AED, or $0.41, as per the Phoenix IPO prospectus.

The public listing comes a few weeks after Phoenix Group successfully closed its IPO with an oversubscription of 33 times on Nov. 18, selling 907,323,529 shares for around 1.3 billion AED, or $371 million. The portion of the IPO reserved for retail…

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