Crypto mining and blockchain technology firm Phoenix Group saw its shares soar by around 50% on its Abu Dhabi Securities Exchange (ADX) debut today, following an initial public offering (IPO) that raised $370 million.

Phoenix (PHX) rose to 2.20 United Arab Emirates dirhams ($0.60) in early trading, up from an IPO price of 1.50 dirhams ($0.41), before falling back. PHX is currently priced at 2.02 dirhams, according to TradingView data.

Phoenix’s IPO marks the first public listing of a crypto-related company in the Middle East and was 33 times oversubscribed, according to the firm — some $12 billion worth of orders. Phoenix made 907,323,529 shares available at 1.50 dirhams per share (a 17.6% stake of the company's share capital), with …