Phoenix Group to launch IPO in Abu Dhabi, plans to raise US$370 million

2023-11-15 13:55:14BlockBeatsShare to:

IHC-1.96% ($0.000028)

BlockBeats news, on November 15, according to Investing.com, data center and cryptocurrency mining company Phoenix Group will conduct an IPO on the Abu Dhabi Securities Exchange on November 16. Phoenix Group set the offer price at 1.5 dirhams per share and expects to sell a total of 1.36 billion dirhams (approximately US$370 million) in shares. In addition, Emirates International Holding Company (IHC) recently acquired a 10% stake in Phoenix Group. The company manages “Project Citadel,” the largest cryptocurrency mining facility in Abu Dhabi. BlockBeats previously reported that on August 28, the Omani government announced a $300 million deal with Abu Dhabi’s Phoenix Group, which will promote Phoenix Group and Green Data City, Oman’s first licensed cryptocurrency mining entity. Together, they are developing a 150-megawatt cryptocurrency mining farm that will come online next year.

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