News & updates

Abu Dhabi, UAE – 5 December 2023

IBRAHIM .N. PARTNERS proudly announces its role as the underwriter’s legal counsel in the successful Initial Public Offering (IPO) of Phoenix Group on the Abu Dhabi Securities Exchange (ADX). This marks the 5^th IPO of 2023 for IBRAHIM .N. PARTNERS and reinforces the firm’s prominent position as a dominant force in capital markets in the UAE.

The Phoenix Group, a distinguished cryptocurrency mining firm, has officially commenced trading on the ADX, positioning itself as one of the Middle East’s pioneering publicly listed companies within the industry.

The Phoenix Group’s stock debuted with an opening price of 2.25 dirhams ($0.6) on December 5, as reported by the ADX exchange. Notably, the stock price has surged by up to 50% from its initial public offering (IPO) price of 1.50 dirhams ($0.41), as outlined in the Phoenix IPO prospectus.

IBRAHIM .N. PARTNERS takes immense pride in its role as legal counsel for the underwriter, representing First Abu Dhabi Bank (FAB) in this landmark IPO. The firm’s commitment to excellence, coupled with its extensive expertise in capital markets, has once again contributed to the success of a significant financial transaction.

“The Phoenix IPO on the Abu Dhabi Securities Exchange is a testament to the thriving capital markets in the UAE, and we are honored to have played a pivotal role in this milestone,” said Ahmed Ibrahim, Managing Partner at IBRAHIM .N. PARTNERS. “Our consistent involvement in high-profile IPOs reflects the trust placed in our team and our dedication to delivering exceptional legal services in the dynamic landscape of capital markets.”

For media inquiries, please contact:

Mustapha Sadeq, Office Manager, IBRAHIM .N. PARTNERS, m.sadeq@inp.legal

About IBRAHIM .N. PARTNERS

IBRAHIM & PARTNERS is an independent MENA-region law firm based in the ADGM, Abu Dhabi, led by our Managing Partner, Ahmed Ibrahim, and is comprised of a team of lawyers that are experts in advising on all aspects of UAE law. We advise both local and international companies on a full range of issues from contentious and non-contentious corporate and commercial matters, including major project work, establishing, and conducting business across the Emirates, joint ventures, mergers and acquisitions, equity capital market, legal due diligence/audit, employment matters, property, structuring, distributions and franchise arrangements.