The Phoenix Group has become the first cryptocurrency company to be listed on the Abu Dhabi stock exchange. This move is significant for Abu Dhabi, highlighting its reputation as a hub for fintech businesses.
The Phoenix Group’s initial public offering (IPO) was very successful, showing strong market confidence with a remarkable 33 times oversubscription, raising $370 million. Both retail investors (individuals) and professional investors showed great interest, with retail investors oversubscribing by 180 times and professionals by 22 times.
Abdulla Salem Alnuaimi, CEO of Abu Dhabi Securities Exchange (ADX), expressed pleasure at Phoenix Group’s listing, emphasizing the growing interest in the digital economy and financial technology investments in Abu Dhabi and the UAE.
This listing is a significant milestone for ADX, marking the first time a privately owned cryptocurrency and blockchain company has been listed on a Middle East stock market. Phoenix Group sees this as a step forward for Abu Dhabi in becoming a hub for digital transformation.
Bijan Alizadehfard, Co-Founder and Group CEO of Phoenix Group, views the IPO as a symbol of progress for Abu Dhabi in various sectors, blending advanced blockchain applications, strategic tech partnerships, and leading digital asset services.
Munaf Ali, Co-Founder and Group MD of Phoenix Group PLC, sees their presence on the exchange as a testament to their technological capabilities, from advancing blockchain to shaping digital finance. Phoenix Group aims to contribute to Abu Dhabi’s vision of becoming a global leader in sustainable digital economy growth.
The listing of Phoenix Group on ADX provides growth opportunities for tech-driven investors and diversifies the fintech offerings on the exchange. ADX has also been actively working on developing digital-backed assets, recently partnering with HSBC Bank Middle East Limited to create digital fixed-income securities.