Phoenix Group, a retailer of cryptocurrency mining hardware, has raised 1.36 billion dirhams (371 million US dollars) in its initial public offering (IPO) in Abu Dhabi, according to a report by Gold Finance. The stock price surged by 50% after the IPO, which attracted $12 billion in funds and was oversubscribed 33 times. International Holding Co., the largest business group in Abu Dhabi controlled by a key member of the royal family, purchased a 10% stake in Phoenix in early October.