Phoenix Group Plc, a seller of cryptocurrency mining equipment, saw a soaring 50% increase in its stock on its Abu Dhabi market debut following an IPO that amassed 1.36 billion dirhams ($371 million). The shares began trading on Tuesday at 2.25 dirhams, a substantial rise from the IPO price of 1.50 dirhams. This marked the Middle East’s first crypto-related listing and attracted orders worth $12 billion, oversubscribed by 33 times, with retail investors oversubscribing by 180 times.

Over the last couple of years, IPOs in the Persian Gulf have flourished, buoyed by high oil prices, government privatization initiatives, and robust investor interest. This growth contrasts with the comparatively subdued global listings market, affected by aggressive interest rate hikes and concerns about economic expansion.

The largest conglomerate in Abu Dhabi, the International Holding Co., acquired a 10% ownership stake in Phoenix in early October, aligning with the region’s investment trends.

While the United Arab Emirates aimed to become a cryptocurrency industry hub, it has initiated stricter oversight recently. The country seeks better regulation and aims to remove itself from the Financial Action Task Force’s “gray list.” Dubai’s crypto regulator imposed fines on 18 firms for non-compliance breaches in the past month.