Dubai: Phoenix Technology, a UAE-based cryptocurrency mining hardware retailer, has started preliminary discussions for a potential initial public offering in the country, according to people familiar with the matter.
The company, which is developing one of the largest mining facilities in the Middle East, is considering a listing in Abu Dhabi as soon as this year, one of the people said, asking not to be identified as the information isn’t public.
Discussions are ongoing and details of the offering such as timeline and size are still subject to change, the people said. A representative for Phoenix Technology didn’t respond to requests for comment.
Phoenix Technology was established in 2015 and has operations of more than 700 megawatts across the US, Canada, Europe and the Middle East according to its website. It’s currently developing a $2 billion crypto-mining farm in the UAE and provides mining hardware and hosting solutions for all mined assets.
