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IPO Marketing · Crypto · UAE

Retail bid 180x for a $370M IPO

Phoenix Group is a Bitcoin mining company. It listed on the Abu Dhabi Securities Exchange on 5 December 2023, raising $370M at a $3.3B valuation. I ran the retail-investor side of that campaign. Retail closed 180 times oversubscribed. Professional investors closed at 22 times.

Donatas Simkus Written by Donatas Simkus Donatas Simkus Donatas Simkus Technical growth marketer building growth systems with AI that let a lean team run like a full growth and marketing department. 10+ years of B2B growth across AI, SaaS, FinTech, and Crypto. About Experience Proofread with AI What AI did here Proofread it, suggested a better order for the sections, and tightened a few sentences I had written clumsily. 5 min read
Phoenix Group Head of Growth May 2023 to Jul 2024
On this page

In short

Problem

A listing date that could not move, no retail-investor demand, and a corporate brand built for miners rather than for the public.

What I built

The retail-investor campaign, the rebrand after cancelling the agency, and phoenixgroupuae.com rebuilt on WordPress in 11 days.

Result

Retail oversubscribed 180 times against 22 times for professional investors, at a $3.3B valuation.

180x

Retail Oversubscribed

22x

Professional Oversubscribed

$3.3B

Valuation

from 0

40+

Media Placements

How this is measured

The valuation and the raise size are reported by Bloomberg, CoinDesk and The National. The 180x retail and 22x professional split comes from Phoenix Group’s own offer-close announcement of 21 November 2023, carried on GlobeNewswire and linked below: the outlets reported the 33x aggregate, because only the company and its banks held the book at tranche level. Media placements were counted from the campaign coverage log, which includes wire pickups not listed below. The page count at listing is from the Internet Archive capture of phoenixgroupuae.com taken on the evening of 5 December 2023. To be exact about what I can claim: I ran the retail marketing and the rebrand. The offering itself was structured and executed by the company and its banks, and the professional tranche was theirs, not mine.

Constraints

  • A fixed listing date. Everything either existed before the offer window opened or it did not count
  • The rebrand was inherited mid-flight from an agency running slow and making mistakes, and the website arrived as someone else’s wireframes and copy
  • An offline marketing deal the co-founder landed pulled the website deadline forward with no notice
  • The first crypto and blockchain listing in the Middle East, so no local precedent for what a retail buyer would want to see
  • A regulated offer, so every public claim had to survive review before it ran

What was mine

The retail-investor campaign, the rebrand and the corporate website. The listing event itself was organised by the team that owned it, and I supported that with branding and design rather than running it. Reported to the Chief Sales Officer and the CEO, led a cross-functional team of 7 across marketing, sales and product, with 5 direct reports.

What I picked up

I joined the Phoenix Group, and shortly after, I started to work on the digital mining platform and also picked up the IPO campaign to make sure everything runs smoothly.

The event organisation was taken care of by the relevant team. I was just supporting with mostly branding and design, since my team was doing this.

The map I worked from

How the growth function was laid out. Twelve channels down the left, three growth projects in the middle, and every team each one had to route through. DigitalMining.com and phoenix.store were two of the three. The Tangem partnership was the third.

SEO and SEM, influencer, growth and experimentation, partnerships, affiliate, events, email, general marketing, ABM, paid advertising, social and PR. Each one routed through IT, design, development, CRM, customer service, legal, finance and reporting. (click to enlarge)

The rebrand

I took over rebranding because it was slow and had some mistakes. So I picked up branding and design, something I have been doing a little bit before.

I had some imperfections on a logo:

  • Zooming in, different colours were not unified
  • The logo placement was not thought through
  • It was horizontal, missing for digital, and things like this

That was kind of like an opening, the first time I got to learn quite a lot working alongside a UI/UX designer who I hired for the digital mining platform.

This was my first time leading rebranding. This is where I picked up attention to detail. I had already had attention to detail, but I got exposed to the end-to-end of rebranding, and it was interesting to learn.

We cancelled the agreement with the branding agency, and we paid them half. This is how much they delivered. We received from them some version of brand guidelines, and we finished off.

The website

The website project was also handed over to me by another person, actually Cathal Burke, the Marketing Director at Cypher Capital. I finished off what I had. It was wireframes and copy.

Obviously, in the final stage, everything gets rewritten, checked by legal, other teams, positioning, facts, and stakeholders.

We planned that I had to rebuild the website on WordPress, and we were building a website about 2 weeks ahead and were on track.

We realised that our co-founder got some deal to run offline marketing, so we quickly needed to finish off the website, which was good because we were doing this ahead of time. In about 2 days, we finalised everything, approved copy with legal and the rest of the things.

We had a legal team and senior people signing off on this, but the website turnaround was, I think, super short, maybe even 18 hours, because we were working on very tight deadlines.

The whole build of phoenixgroupuae.com was 11 days.

What went live on listing day was 12 pages: the IPO page, the four verticals, the team, the board and leadership, and an investor contact. The full investor-relations section, share information, disclosure, the fact sheet, the financial calendar, results and research coverage, came after the listing. The site has been rebuilt since, so what I shipped is now only visible in the Internet Archive capture from that evening.

The rebrand, and the website it fed

  1. The brand book that came out of it: the mark, ABC Favorit, the palette, the graphic language, all the way to the moodboard.

  2. The design file: every page of phoenixgroupuae.com, drawn before it was built on WordPress.

  3. The homepage as it stood on listing day, captured by the Internet Archive that evening.

  4. The part a retail buyer actually needed: 29 companies, 5 verticals, one screen.

1/4

The campaign

We supported creating marketing for the offline and in preparation for the IPO campaign.

I was doing the planning for this campaign:

  • Picking up agencies
  • Shortlisting them
  • Working with one agency handling end-to-end
  • Weekly briefings
  • Communications via WhatsApp
  • Running social media campaigns for us
  • Coordinating on picking up which target audience to run ads against across social media channels such as LinkedIn, Facebook, and programmatic
  • Media placements as well for PR

The offline ran outside Dubai, in the city, Emirates, under the bridge, everywhere, and some digital screens.

We ran ads targeting our customers, locals, potential audience, and retail potential investors. I did LinkedIn, programmatic, outdoors, Google Ads display network, and Facebook.

We contacted existing customers and previous clients, and also, based on this, we created a lookalike audience to reach more clients like this through social media and other ads.

We created PR campaigns to explain how to subscribe. Also, we explain to existing clients.

We have done promotions via local crypto communities.

We have got about 40+ media placements, and we created quite a bit of buzz. We also got some interviews and some magazine covers.

We had the agency do these briefings. Also, we had an investor relationship manager taking care of some of these as well.

I have implemented these UTMs, Google Analytics, and other things.

What retail did

The offer was 907,323,529 shares at AED 1.50, for 17.64% of the company. It closed 33 times oversubscribed overall, with roughly $12 billion in orders. Underneath that number the two tranches behaved nothing alike: professional investors came in at 22 times, and retail came in at 180 times.

That gap is the campaign. Phoenix listed as the first crypto and blockchain company in the Middle East, so there was no local precedent for a retail buyer to pattern-match against, and no comparable listing to point at.

The coverage

The listing was covered by the financial and crypto press on the day. These are the placements a reader can check.

Where it ran

A sample of the listing coverage, linked at the article that reports the figure it backs.

  • GlobeNewswire: Phoenix Group's IPO Sees Unprecedented 180x Oversubscription from Retail Investors (the offer-close announcement, 21 November 2023, and the source of the 180x and 22x split) (globenewswire.com)
  • GlobeNewswire: Phoenix Group PLC Celebrates Historic IPO on Abu Dhabi Securities Exchange (listing day, 5 December 2023) (globenewswire.com)
  • Arabian Business: Crypto firm Phoenix rising after Abu Dhabi $370m IPO (arabianbusiness.com)
  • Bloomberg: Crypto Firm Phoenix Hits $3.3 Billion Value in Abu Dhabi Debut (bloomberg.com)
  • The National: Phoenix starts trading on Abu Dhabi bourse after $370m IPO (thenationalnews.com)
  • CoinDesk: Crypto Miner Phoenix Group Says UAE Initial Share Sale Was 33-Times Oversubscribed (coindesk.com)
  • The Block: Crypto mining firm Phoenix rises 50% on first day of trading after $370 million IPO (theblock.co)
  • Cointelegraph: Bitcoin miner Phoenix surges 50% after $371M Abu Dhabi IPO (cointelegraph.com)
  • CryptoSlate: Phoenix Group IPO raises $370M, signaling investor confidence in Middle Eastern crypto economy (cryptoslate.com)
  • Finance Magnates: Phoenix Soars in Abu Dhabi Market Debut amid Crypto Surge (financemagnates.com)
  • Enterprise: Phoenix Group closes IPO offering at 33x oversubscription rate (enterpriseam.com)

Leadership wanted one system for everything

Also, the leadership wanted to build everything internally: a complete ERP solution to have full visibility of everything that is going on, including rebuilding the e-commerce store, connecting mining machines, and connecting logistics services as well. Everything in one system.

I did not have confidence in our team, so I suggested that we just rebuild the e-commerce store and the retail shop with the current team, using a tech stack and a template.

After that, if the team gets a better version, we can plug that in, and we rebuilt the Phoenix store using a WordPress website.

I built an interactive showroom experience where people can come in, go through it on a tablet, explore every single item we are selling, learn about it, and purchase as well. It is kind of like a self-serve, almost like a kiosk.

That is also a tool for sales, so we can interactively show information. There is a calculator as well and other things.

The Phoenix Store

  1. The store we rebuilt instead, on WordPress: home, shop, the WhatsMiner and wallet pages, the blog and contact.

  2. And its map: every page and section written out, so a template build had a spec to hit.

  3. The showroom: projector views along the top carrying block height, mining progress and the Bitcoin price, then the wallet and miner pages a visitor works through on the tablet. Each product ends on Talk to Sales, Pay Online or Scan and Buy.

1/3

What it added up to

Phoenix Group listed on 5 December 2023 at a $3.3B valuation and traded up around 50% on the first day. It was the first crypto and blockchain company to list in the Middle East, which is the part that made the retail side hard and the part that made it work.

Alongside the listing I shipped the first cloud mining platform in the UAE, iOS and Android included, in 5 weeks.

Read how the cloud mining platform was built
The corporate film running on the ADX screen during the ceremony, filmed from the floor. (click to pause)(click to play)

The offer, and the day it listed

  1. Gulf News, 10 November 2023. The statutory offer notice, carrying the new mark and the terms: 907,323,529 shares at AED 1.50.

  2. Phoenix and ADX on the podium. The board on the left already has PHX trading at 2.25.

  3. The address before the bell.

  4. PHX on the board at 2.25, and the campaign line running on the screen next to it.

  5. The board in the atrium: PHX listed on 5 December 2023.

  6. The same spot, further back, with the PHX letters and the date on the screen above.

  7. At the bell.

1/7

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The Systems behind This

The playbooks and AI skills used in work like this are published: the same systems with the client details stripped out, ready to run.

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What the People I Worked with Said

"I didn't have the opportunity to work with Donatas for long, but even in a short span, his impact was unmistakable. He brought a rare combination of strategic clarity and executional precision to every conversation, distilling complex growth challenges into clear, actionable priorities. His knowledge of B2B SaaS, AI, and crypto is matched by a deep understanding of GTM strategy and data-driven marketing. Donatas doesn't just talk growth, he builds it, scales it, and optimizes it with a calm confidence that sets him apart. A real asset to any team or venture lucky enough to have him onboard."

Cathal Burke

Marketing Director, Cypher Capital

"… He was a the lead for growth marketing, his work was impeccable and his attention to detail has been amazing. He led a team to develop, implement and launch a whole sub-business of Phoenix, very successfully. Also he has developed several sites and launched other ventures that I have done. He is my go to for growth. I can't recommend him highly enough."

Carl Agren

Senior Executive, Phoenix Group

"… I've learned a lot from his approach, making it a continual pleasure to collaborate. Donatas impresses with his ability to understand and connect technical details with broader business goals. This skill makes him stand out and contributes significantly to success, effectively creating a bridge between emotions and sales, is truly inspiring. Donatas ability to innovate and drive results, while maintaining a keen sense of team dynamics and morale, sets him apart as a remarkable professional. His contribution has not only accelerated our success but has also fostered a stimulating and enjoyable working environment. I look forward to every opportunity to work with him in the future."

Muhammad Rehan

Senior Software Engineer, Phoenix Group

"… He's a pleasure to work with while also being a star player. His passion for self development outside of work brings professionalism and experience, and it shows in the quality of work he delivers. I would love to work with Donatas again."

Justin Black

Customer Relationship Manager, Phoenix Group

"… Beyond his remarkable work ethic, Donatas exhibits exceptional leadership qualities, guiding his team with clarity, empathy, and a deep understanding of the task at hand. His ability to inspire and motivate others is truly remarkable, fostering an environment of collaboration and innovation. I have the utmost respect for his professionalism and integrity. He'd make a great addition to any team he joins."

Rida Zahra

Marketing Communications Manager, Phoenix Group

"I had the pleasure of working alongside Donatas and I'm consistently impressed by his dedication and positive attitude. He is a reliable team member who always brings a proactive approach to projects. Donatas has a great ability to communicate effectively and collaborate with others, making him a pleasure to work with. He would be a valuable addition to any team."

Joel Aposaga

Web Developer, Phoenix Group

"I didn't have the opportunity to work with Donatas for long, but even in a short span, his impact was unmistakable. He brought a rare combination of strategic clarity and executional precision to every conversation, distilling complex growth challenges into clear, actionable priorities. His knowledge of B2B SaaS, AI, and crypto is matched by a deep understanding of GTM strategy and data-driven marketing. Donatas doesn't just talk growth, he builds it, scales it, and optimizes it with a calm confidence that sets him apart. A real asset to any team or venture lucky enough to have him onboard."

Cathal Burke

Marketing Director, Cypher Capital

"… He was a the lead for growth marketing, his work was impeccable and his attention to detail has been amazing. He led a team to develop, implement and launch a whole sub-business of Phoenix, very successfully. Also he has developed several sites and launched other ventures that I have done. He is my go to for growth. I can't recommend him highly enough."

Carl Agren

Senior Executive, Phoenix Group

"… I've learned a lot from his approach, making it a continual pleasure to collaborate. Donatas impresses with his ability to understand and connect technical details with broader business goals. This skill makes him stand out and contributes significantly to success, effectively creating a bridge between emotions and sales, is truly inspiring. Donatas ability to innovate and drive results, while maintaining a keen sense of team dynamics and morale, sets him apart as a remarkable professional. His contribution has not only accelerated our success but has also fostered a stimulating and enjoyable working environment. I look forward to every opportunity to work with him in the future."

Muhammad Rehan

Senior Software Engineer, Phoenix Group

"… He's a pleasure to work with while also being a star player. His passion for self development outside of work brings professionalism and experience, and it shows in the quality of work he delivers. I would love to work with Donatas again."

Justin Black

Customer Relationship Manager, Phoenix Group

"… Beyond his remarkable work ethic, Donatas exhibits exceptional leadership qualities, guiding his team with clarity, empathy, and a deep understanding of the task at hand. His ability to inspire and motivate others is truly remarkable, fostering an environment of collaboration and innovation. I have the utmost respect for his professionalism and integrity. He'd make a great addition to any team he joins."

Rida Zahra

Marketing Communications Manager, Phoenix Group

"I had the pleasure of working alongside Donatas and I'm consistently impressed by his dedication and positive attitude. He is a reliable team member who always brings a proactive approach to projects. Donatas has a great ability to communicate effectively and collaborate with others, making him a pleasure to work with. He would be a valuable addition to any team."

Joel Aposaga

Web Developer, Phoenix Group

"I didn't have the opportunity to work with Donatas for long, but even in a short span, his impact was unmistakable. He brought a rare combination of strategic clarity and executional precision to every conversation, distilling complex growth challenges into clear, actionable priorities. His knowledge of B2B SaaS, AI, and crypto is matched by a deep understanding of GTM strategy and data-driven marketing. Donatas doesn't just talk growth, he builds it, scales it, and optimizes it with a calm confidence that sets him apart. A real asset to any team or venture lucky enough to have him onboard."

Cathal Burke

Marketing Director, Cypher Capital

"… He was a the lead for growth marketing, his work was impeccable and his attention to detail has been amazing. He led a team to develop, implement and launch a whole sub-business of Phoenix, very successfully. Also he has developed several sites and launched other ventures that I have done. He is my go to for growth. I can't recommend him highly enough."

Carl Agren

Senior Executive, Phoenix Group

"… I've learned a lot from his approach, making it a continual pleasure to collaborate. Donatas impresses with his ability to understand and connect technical details with broader business goals. This skill makes him stand out and contributes significantly to success, effectively creating a bridge between emotions and sales, is truly inspiring. Donatas ability to innovate and drive results, while maintaining a keen sense of team dynamics and morale, sets him apart as a remarkable professional. His contribution has not only accelerated our success but has also fostered a stimulating and enjoyable working environment. I look forward to every opportunity to work with him in the future."

Muhammad Rehan

Senior Software Engineer, Phoenix Group

"… He's a pleasure to work with while also being a star player. His passion for self development outside of work brings professionalism and experience, and it shows in the quality of work he delivers. I would love to work with Donatas again."

Justin Black

Customer Relationship Manager, Phoenix Group

"… Beyond his remarkable work ethic, Donatas exhibits exceptional leadership qualities, guiding his team with clarity, empathy, and a deep understanding of the task at hand. His ability to inspire and motivate others is truly remarkable, fostering an environment of collaboration and innovation. I have the utmost respect for his professionalism and integrity. He'd make a great addition to any team he joins."

Rida Zahra

Marketing Communications Manager, Phoenix Group

"I had the pleasure of working alongside Donatas and I'm consistently impressed by his dedication and positive attitude. He is a reliable team member who always brings a proactive approach to projects. Donatas has a great ability to communicate effectively and collaborate with others, making him a pleasure to work with. He would be a valuable addition to any team."

Joel Aposaga

Web Developer, Phoenix Group

6 recommendations from Phoenix Group. Verify on LinkedIn